Galaxy Digital Names Ex-Goldman Executive Michael Daffey as Chairman

Galaxy Digital Names Ex-Goldman Executive Michael Daffey as Chairman

Galaxy Digital Holdings Ltd. , a bitcoin-focused firm offering banking and institutional services, named former Goldman Sachs Group Inc. executive Michael Daffey as its chairman ahead of a planned U.S. stock offering later this year.

Mr. Daffey, 54 years old, replaces founder Michael Novogratz who will remain chief executive.

Mr. Daffey was most recently the chairman of Goldman's global markets division, which generated more than 40% of the firm's overall revenue in the first quarter. His last day was March 31.

The appointment is Galaxy's latest maneuver as it prepares to make a public stock offering in the U.S. later this year. Its shares are already listed on the Toronto Stock Exchange. In March, it named Alex Ioffe as chief financial officer; Mr. Ioffe previously held the same position at Virtu Financial Inc.

Galaxy Digital began as an investment-management firm but has since expanded into more financial services, including investment banking and trading. On