NYDIG promotes leaders among record Bitcoin balances
Bitcoin balances and earnings have reached all-time highs on the flight to quality
NEW YORK, 3 October 2022 /PRNewswire/ — NICEa leading bitcoin company, today announced the promotion of executives Tejas Shah and Nate Conrad to the roles of CEO and President respectively. NYDIG’s bitcoin balances hit all-time highs in Q3, up nearly 100% year-over-year, and revenue is up 130% through Q2, with another increase as the firm closes its books in Q3. Building on this momentum, Shah and Conrad will focus on accelerating NYDIG’s investment in its industry-leading Mining Solutions franchise serving the largest North American miners and in its platform technology business, helping banks and non-banks use the Lightning Network for next-generation wallets and global payments.
Outgoing CEO Robert Gutman and outgoing president Yan Zhao will remain with Stone Ridge Holdings Group, the parent company of NYDIG, which they co-founded Ross Stevens in 2012, working closely with Stevens across the entire portfolio of Stone Ridge businesses. Mr. Gutmann will continue to sit on the NYDIG board.
“When markets crumble, character emerges. A flight to quality by the most risk-aware institutional investors has relentlessly driven bitcoin and earnings to NYDIG over the past 12 months,” said Ross Stevens, founder and managing chairman of NYDIG. “Even during the height of the crypto frenzy in H2 2021, our risk management discipline kept us completely out of DeFi, centralized lending platforms and the unsecured lending market. The firm’s balance sheet is the strongest it has ever been, and we are now investing aggressively in a capital-starved market.” Robby and Yan deliver the business to Tejas and Nate in phenomenal shape.
Furthermore, financial seriousness is in operation. In Q3, the reality of fiat deterioration overcame risk-driven liquidity shocks, driving the dollar, yen, euro and pound down against bitcoin. Against this backdrop, the growth of the lighting network is exponential, with access to around 100,000 people in August 2021 growing to more than 150 million today. NYDIG is privileged to play our part in facilitating global access to non-governmental money, especially at this critical time.”
“Since its founding in 2017, NYDIG has become a leading global Bitcoin company. I’m proud of everything we’ve accomplished so far, and I can’t wait to see what the incredible NYDIG team will accomplish in the coming years and decades.” Gutmann said. “As leaders of our largest businesses, Tejas and Nate have been the driving forces behind NYDIG’s success. They are ready to lead NYDIG in its next phase of growth.”
Shah and Conrad were most recently NYDIG’s global head of institutional finance and global head of payments. Before joining NYDIG in 2020, Shah had a nearly 20-year career at Goldman Sachs where he was a partner. Conrad joined Stone Ridge in 2016 and NYDIG in 2020, after also starting his career at Goldman Sachs.
“I am honored to lead this incredible organization on our important mission of Bitcoin for All,” added NYDIG’s new CEO, Tejas Shah. “The entire NYDIG team remains laser-focused on delivering the world-class financial and technology solutions that our clients know and expect from the firm. Our strong balance sheet, especially in today’s market, is a powerful differentiator when it comes to serving our clients.
NYDIG’s best-in-class cold storage solution remains the foundation of everything we do, from our innovative capital and credit intermediation solutions to our dominant position serving the miners who secure the Bitcoin network. Now it’s time for Lyn. We’re excited to deliver next-generation wallet and payment solutions—faster, cheaper, safer—to our expanding set of enterprise technology customers.”
About NEW
NICE is a bitcoin company that drives a more inclusive economic system. Its full-stack bitcoin platform delivers technology and financial services to businesses in a wide range of industries, and is built to the highest security, regulatory and operational standards. NICE is the gateway to a new era of financial products that makes Bitcoin and Lightning accessible to everyone. Learn more at nydig.comor connectLinkedInandTwitter.
NICE contact
EmilySchmerzler
Edelman Smithfield
[email protected]
SOURCE USEFUL
