GoldenTree sells crypto subsidiary GoldenChain to Republic

Hedge fund manager Steven Tananbaum’s GoldenTree Asset Management has sold its crypto subsidiary to digital asset investment firm Republic. Last September, GoldenChain’s trading desk managed crypto assets worth $120 million to $150 million. Former GoldenTree partner Joe Naggar will join Republic Digital, a newly formed entity within Republic, as CEO and chief investment officer. Naggar said the acquisition of GoldenChain, a wholly-owned subsidiary of GoldenTree, was completed last week. He declined to disclose terms of the deal, citing confidentiality. “This acquisition doesn’t change the fund at all, it really just changes the ownership,” Naggar said in an interview. Naggar will be joined by six additional GoldenChain employees who will join Republic. Avi Felman, GoldenTree’s head of digital asset trading, is leaving GoldenChain but not joining Republic. It is reported that Republic is a global investment institution focusing on the digital asset industry and has invested in more than 2,000 companies. (Bloomberg)