Bluefin Europe’s crypto exchange-traded product (ETP) trading push has been cast into doubt after the pair it hired to lead the venture departed after less than 18 months.
Jonte Baron and David Little resigned earlier this year from the company having joined in June 2022 to head up the new business line.
However, the departures raise fresh questions over the future of Bluefin’s ETP market making business in Europe after the group announced it would be pivoting from trading fixed income ETFs in Europe to exchange-traded derivates in January 2022.
One industry source told ETF Stream: “Bluefin started a crypto option business last year but had to stop due to a lack of governance and proper credit line.
“They are no longer an ETF market maker, but an option platform in crypto, if that still exists.”
Following the departures, Arthur Duquette was appointed as a partner in February.
Duquette is currently the owner and partner of another Bluefin Companies subsidiary, Bluefin Trading, according to his LinkedIn profile.
Bluefin Europe did not respond to a request for comment.
Baron’s departure ends his second stint at Bluefin Europe, having spent three years at the firm between 2008 and 2011.
He later joined Goldenberg Hehmeyer and remained there until 2014.
Meanwhile, Little also worked at Bluefin Europe for 10 months between March and December 2010.
He left HSBC Investment Bank in 2018, where he spent over seven years, most recently as a director in equity and derivates trading. He also previously held roles at Wells Fargo and Bear Stearns.
According to the company's latest financial reports, the board of directors said it did not have any “significant doubts” about its ability to continue as a business.
