Stone Ridge Holdings Group, which manages assets worth $13.4 billion, added 10,000 BTC to its balance (about $114 million). The coins were purchased and stored by its subsidiary NYDIG, known for creating bitcoin funds for institutional investors, according to the press release.
“From an investment perspective, we have long believed that Bitcoin is superior to fiat money. And now, as there is uncontrolled and unsecured issuance of paper currencies, and real yields are becoming increasingly negative, 10,000 BTC have become a core component of our reserve-management strategy,” said Ross Stevens, founder of Stone Ridge and chairman of the NYDIG board.
Stone Ridge created New York Digital Investment Group (NYDIG) in 2017 to manage its bitcoin investments. In 2018, the subsidiary became the holder of BitLicense.
The statement also noted that NYDIG raised $50 million in financing. Investors were not named, with the clarification that they are firms providing financial services in the areas of commercial and investment banking, insurance and asset management.
Over the year, NYDIG has grown its client base fourfold, and assets under management have surpassed $1 billion.
In July, NYDIG raised $105 million from 15 investors for the NYDIG Institutional Bitcoin Fund, bringing total capital raised to $190 million.
Earlier in September, MicroStrategy increased its investment in Bitcoin to $425 million.
In October, Jack Dorsey’s payments company Square announced a $50 million Bitcoin purchase.
MicroStrategy head predicted that in the coming months many private companies would shift capital into cryptocurrency.
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