Investment bank Cowen's digital asset unit is shutting down

Quick Take

  • Cowen Digital, the digital asset unit launched by investment bank Cowen last year, is closing its doors.
  • “We will continue to try and fulfill that endeavor, but will have to do so in a different home,” the team said in a note to clients.

Cowen Digital, the digital asset unit launched by investment bank Cowen last year, is closing its doors.

In a message to clients obtained by The Block, Cowen Digital said that Wednesday "would be the last day for the team here at Cowen Digital."

"From its inception in early months of 2021, our goal has been to build a premiere, full-service platform to service the entire life-cycle of digital asset investing," the  Cowen Digital team said, suggesting it would try to build such a service under a new roof, though the statement offered few details on how that ambition might be realized. 

"We will continue to try and fulfill that endeavor, but will have to do so in a different home," the team said. "We are grateful for the TD Cowen senior management in allowing us to incubate this business and support its growth, internally and externally."

The digital asset unit was launched in March 2022 as part of a bid to woo institutional clients. Cowen Digital's launch was part of a broader wave aimed at capturing institutional interest.

TD acquired Cowen in March in a deal announced last summer by the two firms. 

A representative for Cowen did not immediately respond to an emailed request for comment.


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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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