Galaxy Digital snags former Cumberland and Credit Suisse exec David Gross to lead global sales

Quick Take

  • Mike Novogratz’s Galaxy Digital has hired Wall Street veteran David Gross to head its global sales team
  • According to his LinkedIn, Gross left Galaxy’s trading rival Cumberland in February after less than a year, and has since been on extended garden leave
  • Gross is Galaxy’s second major hire this summer, having poached OTC head Tim Plakas in May from Coinbase

Galaxy Digital, the crypto merchant bank headed by Mike Novogratz, has hired former-Cumberland exec David Gross to lead global sales, according to an internal memo sent out to the firm's counterparties. 

Gross, a Wall Street veteran, left crypto trading giant Cumberland in February after an 11-month stint. He previously held positions as a director at Credit Suisse and Lehman Brothers, according to his LinkedIn profile.

Gross will now be expected to put his nearly 15 years in convertible bond sales and trading to help turn Galaxy's fortunes around. The firm, which operates an over-the-counter trading desk in crypto as well as an investment and venture capital arm, had a difficult start to the year, announcing a $272.6 million loss in 2018. In recent months, six execs also left the company, including its CTO Mike McMahon

In his new role, Gross will be coordinating and driving sales across its three business units, according to a source. Gross will be reporting to president Chris Ferraro.

Gross's former employer, Cumberland, is one of Galaxy's major OTC rivals. Its parent company, tech giant DRW, was among the first well-known high-frequency trading shops to dive into the over-the-counter trading market for crypto.


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Cumberland has also seen its own fair share of leadership changes. Gross's departure as global head of relationship management was followed by that of Bobby Cho and James Radecki, as well as by  Jason Leung, leaving the unit with a younger, more tech-centric staff according to sources.

Galaxy, of which Novogratz owns just shy of 80%, is now looking to bolster its place in the market. It expanded its offering to include crypto options contracts last month.

The firm also hired former Coinbase OTC head Tim Plakas in May to boost its trading efforts.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.
Frank Chaparro is the Editor At Large at The Block. 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. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].