The New York Digital Investment Group (NYDIG), a platform focused on institutional clients, raised $720 million for its Institutional Bitcoin Fund, according to a filing with the U.S. Securities and Exchange Commission.
The document does not specify the timetable for acquiring the first cryptocurrency. The fund was backed by 59 investors, with an average investment of more than $12 million.
NYDIG also named Nate Conrad as president. The post of chief executive officer was taken by Tejash Shah.
The former president Yan Zhao and former CEO Robert Gutmann will continue to work at Stone Ridge Holdings Group — NYDIG’s parent company. The latter will also retain a seat on the board.
According to the press release, the platform’s Bitcoin balances reached a record high in the third quarter, rising 100% year over year.
In December 2021, NYDIG attracted a record $1 billion for the industry, valued at $7 billion.
In March, the platform was supported in a $200 million funding round. In April, NYDIG attracted another $100 million from insurers.
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