Galaxy Digital’s co-head of trading Robert Bogucki is leaving for investment firm Brevan Howard’s crypto arm BH Digital, according to a report from Axios.
Bogucki joined Galaxy Digital in 2021 and worked alongside Jason Urban as co-head of trading. He previously worked in managing director roles at several banks, such as Barclays, Merill Lynch and Lehman Brothers, according to LinkedIn.
Michael Wursthorn, a spokesperson for Galaxy, confirmed Bogucki’s departure to Axois.
A string of executive departures
He is not the only executive on the way out of Galaxy Digital. Michael Jordan, the firm’s co-head of investments, is set to depart the firm to launch a new crypto fund called DBA Crypto.
Jordan will join several executives from trading firm Genesis in launching the fund. Genesis has also seen a string of departures — including that of CEO Michael Moro, who stepped down on August 17. The Block also reported that Genesis has reduced its headcount by 20%.
Crypto exchange Kraken’s CEO Jesse Powell also announced he was stepping down this week.
The changes in Genesis’ leadership appear to be in direct response to the firm’s recent high-profile losses. The trading firm lent $2.36 billion to defunct crypto hedge fund Three Arrows Capital (3AC). Its parent company, Digital Currency Group (DCG), stepped in to take on the firm’s liabilities and made a $1.2 billion claim against 3AC.
Galaxy Digital also had exposure to 3AC and is listed as a creditor to the hedge fund. The investment firm posted a loss of $554 million in its recent quarterly earnings report and recently terminated a high-profile acquisition of crypto custodian BitGo.
Galaxy Digital and BH Digital were contacted for comment but did not respond by press time.