According to Bloomberg news, hedge fund manager Steven Tananbaum’s asset management company GoldenTree Asset Management has sold its crypto subsidiary to digital asset investment company Republic, Foresight News reported. Last September, GoldenChain’s trading desk managed $120 million to $150 million worth of crypto assets.

Former GoldenTree partner Joe Naggar will join Republic Digital, a newly created entity within Republic, as CEO and chief investment officer. 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 will not be joining Republic.