Merghart will front the hedge fund’s plans to build out crypto infrastructure and make other key hires.
Hedge fund Millennium Management has hired former Bitstamp executive Hunter Merghart to lead its digital asset infrastructure strategy, according to a source with knowledge of the matter.
Merghart will join Millennium as its chief operating officer of digital assets to build out crypto infrastructure, the source said.
Hiring a crypto industry veteran such as Merghart suggests that Millennium is looking to give its crypto plans fresh impetus.
Merghart was most recently a venture partner at crypto fund Castle Island Ventures, a position he had held since June 2021 having previously been head of operations for Bitstamp. He had also spent a year as head of trading for Coinbase in 2018-19.
Millennium, which has over $53 billion in assets under management (AUM), has been eyeing expansion into the crypto market for some time. Last May, it was reported that the firm was standing up a crypto-focused trading fund and was hiring people for an operations team.