The CEO and President at NYDIG steps down following a major promotion of two company leaders

Tejas Shah and Nate Conrad, two company leaders, have been promoted to the positions of CEO and president, respectively, by bitcoin investment firm NYDIG. As a result of these promotions, Robert Gutmann, and Yan Zhao, existing CEO and president respectively, are stepping down.

However, according to the press release, the two will continue to work for NYDIG’s parent firm Stone Ridge Holdings Group, managing the Stone Ridge business portfolio. Gutmann, who will keep up his position on the board of directors, commented on the recent changes by stating: 

“I’m proud of everything we’ve accomplished so far, and I cannot wait to see what the incredible NYDIG team will achieve in the coming years and decades. As leaders of our biggest businesses, Tejas and Nate have been driving forces in the firm’s success. They are ready to lead [the firm] in its next phase of growth.” 

Shah and Conrad, who most recently held the positions of global head of institutional finance and global head of payments at NYDIG, respectively, had both previously worked for Goldman Sachs.

In order to increase the accessibility of Bitcoin and the Lightning network for businesses across a variety of industries, NYDIG also provides a number of bitcoin investing services. The two newly-appointed executives will focus on quickening NYDIG’s investment in platform technology and mining solutions, which help businesses in using the Lightning Network.

The founder and executive chairman of the company Ross Stevens revealed that the company’s balance sheet is the “strongest it’s ever been” and it is now “investing aggressively into a capital-starved market.”

Robby and Yan are delivering the business to Tejas and Nate in phenomenal shape,” he added. 

Changes in NYDIG follows the ongoing trend

The changes at NYDIG coincides with a changing-of-the-guard across various crypto companies. As TheCoinRise reported, Brett Harrison left his position as president of FTX US in September and will now serve as an advisor to the business. Jesse Powell, the CEO of Kraken, also resigned from his position at the cryptocurrency exchange, but he will continue to serve as the company’s board of directors chairman.

Moreover, renowned BTC proponent Michael Saylor also left MicroStrategy’s CEO spot to focus on Bitcoin investment strategy of the firm.