Galaxy Digital, a prominent financial services and investment firm, has appointed former Point72 executive Tony Paquette as its new Chief Financial Officer (CFO). Starting January 1, Paquette will take over from Alex Loffe, the outgoing CFO, who transitions to a senior advisory role.

Paquette, a seasoned finance professional with a decade-long tenure at JPMorgan Chase and leadership roles at Social Finance (SoFi) and Point72, brings critical expertise during a turbulent period for Galaxy Digital. The company is navigating financial losses and a shifting regulatory landscape in the U.S. cryptocurrency sector. In a statement, Paquette expressed excitement about his new role and praised Loffe for building a strong financial foundation, positioning Galaxy Digital for a potential U.S. stock market listing.

Galaxy Digital recently reported a $54 million net loss in its quarterly earnings, marking a 30% increase from the previous quarter. Despite this, the firm’s equity capital remains robust at $2.1 billion as of September 30. The company has shown resilience, recording its largest trading day of 2024 on November 5, coinciding with the U.S. election results.

The upcoming Donald Trump presidency is also casting a long shadow over Galaxy Digital’s strategy. Trump has pledged to transform the U.S. into a global leader in Bitcoin and blockchain, with Republicans advocating for a federal Bitcoin reserve to combat inflation. Galaxy CEO Michael Novogratz remains skeptical about the feasibility of a Bitcoin reserve but believes Bitcoin’s price could soar to $500,000 if such policies gain traction.

As Galaxy Digital navigates this complex environment, Paquette’s leadership could prove pivotal in shaping the firm’s future amid heightened market and regulatory expectations.