Galaxy to launch research unit, eyes a 40% company-wide headcount expansion

Quick Take

  • Galaxy Digital is preparing to launch a research unit
  • Alex Thorn, a Fidelity alumni, is leading the new business
  • Elsewhere, Galaxy is looking to expand its total headcount by 40%

Galaxy Digital is growing its ranks, and as part of that effort, the firm is building out a research unit that will provide resources for both in-house staffers as well as clients.

Led by Mike Novogratz, the New York-based crypto investment bank announced Tuesday that it has hired Alex Thorn, an alumnus of Fidelity Investments who led its affiliated crypto VC, Avon Ventures. 

In an interview with The Block, Thorn said that the expansion into research reflects Galaxy's ambitions to be a full-service investment bank. On Wall Street, investment bankers — who advise clients on large transactions — also bundle research into their services. Still, Thorn said Galaxy wouldn't be offering buy or sell ratings on different cryptos in the same way that sell-side analysts do for stocks. 

"This is going to be us sharing our viewpoint with the world," he said.

On the internal side, it could help keep employees across the business up to date on new protocols and use cases. 

"We are going to figure out what the platform will look like," Thorn said, adding that it won't simply be "content marketing." 


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Galaxy's move into research follows the launch of a mining business led by another Fidelity vet, Amanda Fabiano. 

Looking to the future, Galaxy is preparing to expand its headcount even further after a record year for its stock. 

Galaxy plans to grow its global team by 40% over the next year "with primary areas including research and client-facing personnel" across its asset management, sales, and advisory businesses. 

© 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 Author

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].