Asset management firm GoldenTree sells its crypto subsidiary GoldenChain to Republic

Asset management company GoldenTree Asset Management has sold its cryptocurrency subsidiary to digital asset investment company Republic. In September of last year, GoldenChain's trading department managed cryptocurrency assets worth between $120 million and $150 million. Former GoldenTree partner Joe Naggar will join Republic's newly created entity, Republic Digital, as CEO and CIO. Naggar stated that the acquisition of GoldenTree's wholly-owned subsidiary, GoldenChain, was completed last week, but he refused to disclose the terms of the transaction due to confidentiality. Naggar said in an interview, "This acquisition will not change the fund at all, it just changes ownership." Six other GoldenChain employees will join Naggar in Republic. Avi Felman, GoldenTree's digital asset trading director, will leave GoldenChain but will not join Republic. Republic, headquartered in New York, is a global investment company focused on the digital asset industry. Its investment portfolio includes over 2,000 companies.