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Bitcoin Investment Firm NYDIG's CEO Robert Gutmann Departs

Bitcoin investment company NYDIG has said CEO Robert Gutmann and President Yan Zhao are leaving the company.

Gutmann and Zhao will remain at Stone Ridge Holdings, the parent firm of NYDIG, which they co-founded with Executive Chairman Ross Stevens.

NYDIG has promoted executives Tejas Shah and Nate Conrad to be its new CEO and president, respectively, according to an announcement on Monday. Shah and Conrad previously served as global head of institutional finance and global head of payments, respectively.

"I'm proud of everything we've accomplished so far, and I cannot wait to see what the incredible NYDIG team will achieve in the coming years and decades," said Gutmann.

The press release did not give a reason for the changes.

As CEO and president, Shah and Conrad will focus on accelerating investments in NYDIG's mining franchise and furthering institutional bitcoin adoption through helping firms harness the Lightning Network, a scaling system designed to increase the speed of sending and receiving bitcoin payments.

NYDIG recently raised $720 million for its institutional digital asset fund, according to a filing with the U.S. Securities and Exchange Commission (SEC) last week. The sum was raised from 59 investors contributing an average of $12 million each.

Read more: NYDIG to Work With Deloitte in Offering Bitcoin Capabilities to Clients

UPDATE (Oct. 3, 12:27 UTC): Adds last paragraph on $720 million raise for digital asset fund.