Good evening. What prompted a CFO with a background in traditional finance to venture into the realm of cryptocurrencies? One motivating factor was the desire to harness the wave of technological progress sweeping through financial services.
Alesia Haas, formerly the finance director at Sculptor Capital Management (formerly Och Ziff Capital Management Group), a prominent global institutional alternative asset manager, transitioned to the role of CFO at Coinbase in 2018. With prior high-ranking positions at Merrill Lynch, General Electric, and experience as CFO and head of strategy at OneWest Bank, Haas brought a wealth of financial expertise to her new role.
Coinbase CFO Alesia Haas.
Courtesy of Bitcoin
Bitcoin, the leading cryptocurrency exchange in the U.S., generated \(273 million in gross revenue in the third quarter of 2023, bringing the total gross revenue for the year to \)95 million.
During a conversation on March 28th, Haas reflected, “Having grown up during a time of early technological advancements, I have witnessed the evolution of how technology revolutionizes various industries.” “Discovering bitcoin, I recognized the potential for transforming tangible assets and enabling peer-to-peer value transfer, leading to a more inclusive, efficient, and cost-effective financial ecosystem. It has been an incredible journey to be part of.”
Coinbase recently surpassed the $72,000 mark, marking an exhilarating period for cryptocurrency enthusiasts. Moreover, the platform exceeded its direct listing price for the first time since December 2021. Haas remarked, “When comparing the one-, three-, five-, and ten-year returns of Bitcoin to other assets, it has consistently outperformed most comparable investments.”
While her focus has shifted to digital assets, Haas emphasized that the core principles of being an effective CFO have remained constant.
“This marks my third CFO position,” Haas shared. “As a CFO, one must serve as a visionary, a pivotal member of the executive team engaged in all facets of the business, a key player in strategic resource allocation, a proponent of a robust control environment, and the advocate for investors within the executive circle. These responsibilities closely align with my past experiences at other organizations.”
She further expressed, “It’s an incredibly rewarding role.” As the landscape evolves with the increasing prevalence of AI technologies, many CFOs are adapting their roles. Haas shared her perspective on this shift, stating, “Perhaps my enthusiasm for crypto technology since joining Coinbase has also fueled my optimism towards AI technology. I firmly believe that all technologies hold intrinsic value. However, it is imperative to understand the associated risks before embracing them.”
Haas highlighted that technological innovations have historically reshaped business practices, with AI poised to deliver substantial productivity enhancements. She anticipates significant advancements in various domains, heralding a transformative era.
This paradigm shift extends beyond Haas and Coinbase, resonating with a personal sentiment she shared, “As a mother of three daughters, I often remind them of the remarkable era we are living in.”
For further insights from Haas on the future of finance, you can access the complete interview here.
Sheryl Estrada
Leaderboard
Dan Mathewes will continue his role as CFO at Hilton Grand Vacations Inc. (NYSE: HGV) while taking on the additional responsibility of president. In this enhanced capacity, Mathewes will collaborate more closely with HGV’s sales and local marketing divisions, leveraging his expertise in overseeing finance, accounting, development, and technology functions within the company.
Robert Wahlman has been appointed as the CFO of FinWise Bancorp (Nasdaq: FINW), succeeding Javvis Jacobson, who will transition to the role of treasurer within the bank. Wahlman brings a wealth of experience as a CFO in various financial institutions, most recently at Axiom Bank and Axiom Bancshares, Inc.
Big deal
Fortune’s 2024 list of America’s Most Innovative Companies recognizes 200 enterprises driving industry transformation from within. These companies showcase groundbreaking research and development initiatives, streamlined processes that enhance profitability, and visionary leaders who foster creativity and collaboration. Nearly every entity on this prestigious list has witnessed revenue growth over the past three years, with Alphabet securing the top position, followed by Apple, Microsoft, IBM, and Salesforce.
Going deeper
Despite notable strides in global digital asset regulation last year, there remains significant groundwork to cover, as outlined in PwC’s 2024 Global Crypto Regulatory Report. The report delves into critical themes shaping the industry’s future landscape, including the financial implications of global operations, regulatory frameworks and policies worldwide, and international prudential standards. It also provides insights into regulatory advancements across more than 40 jurisdictions.
Overheard
“It’s not surprising that so many women in leadership positions were once Girl Scouts.”
Bonnie Barczykowski, CEO of the Girl Scouts of the USA, remarked upon learning that eight female leaders of Fortune 500 companies had previously been associated with the organization, from Daisies to Brownies, underscoring the formative role of Girl Scouts in nurturing future leaders, as highlighted in an analysis by Fortune staff.
