Galaxy Digital is growing its ranks, and as part of that effort, the firm is building out a research unit that will provide resources for both in-house staffers as well as clients.
Led by Mike Novogratz, the New York-based crypto investment bank announced Tuesday that it has hired Alex Thorn, an alumnus of Fidelity Investments who led its affiliated crypto VC, Avon Ventures.
In an interview with The Block, Thorn said that the expansion into research reflects Galaxy’s ambitions to be a full-service investment bank. On Wall Street, investment bankers — who advise clients on large transactions — also bundle research into their services. Still, Thorn said Galaxy wouldn’t be offering buy or sell ratings on different cryptos in the same way that sell-side analysts do for stocks.
“This is going to be us sharing our viewpoint with the world,” he said.
On the internal side, it could help keep employees across the business up to date on new protocols and use cases.
“We are going to figure out what the platform will look like,” Thorn said, adding that it won’t simply be “content marketing.”
Galaxy’s move into research follows the launch of a mining business led by another Fidelity vet, Amanda Fabiano.
Looking to the future, Galaxy is preparing to expand its headcount even further after a record year for its stock.
Galaxy plans to grow its global team by 40% over the next year “with primary areas including research and client-facing personnel” across its asset management, sales, and advisory businesses.
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