According to Foresight News, GoldenTree Asset Management, a hedge fund managed by Steven Tananbaum, has sold its crypto subsidiary to digital asset investment company Republic. As of September last year, GoldenChain's trading division managed crypto assets worth between $120 million and $150 million.
Former GoldenTree partner Joe Naggar will join the newly created entity, Republic Digital, as CEO and CIO. Six other GoldenChain employees will also join Republic alongside Naggar. Avi Felman, GoldenTree's digital asset trading director, has left GoldenChain but will not be joining Republic.