PANews reported on April 2 that, according to Bloomberg, hedge fund manager Steven Tananbaum's GoldenTree Asset Management has sold its crypto subsidiary to digital asset investment firm Republic. In September last year, GoldenChain's trading arm managed between $120 million and $150 million worth of crypto assets.

Joe Naggar, a former partner at GoldenTree, will join Republic Digital, a newly created entity owned by the Republic, as CEO and Chief Investment Officer. Naggar said the acquisition of GoldenChain, a wholly-owned subsidiary of GoldenTree, was completed last week. He declined to disclose the terms of the deal, citing confidentiality. "This acquisition doesn't change the fund at all, it really just changes ownership," Naggar said in an interview. "Six more GoldenChain employees will join Naggar in the Republic. Avi Felman, Head of Digital Asset Trading at GoldenTree, is leaving GoldenChain but will not be joining the Republic.
It is reported that Republic, headquartered in New York, is a global investment company focusing on the digital asset industry. It has more than 2,000 companies in its portfolio.