NYDIG acquires Digital Assets Data

The institutional crypto platform New York Digital Investment Group (NYDIG) has acquired analytics company Digital Assets Data. Financial details of the deal are not disclosed in the press release

NYDIG’s business spans custody and brokerage services for corporations and high-net-worth clients. Assets under management exceed $4 billion. The acquisition comes as the company reports a tenfold increase in its client base in 2020, according to its own data.

With the acquisition of Digital Assets Data, NYDIG intends to broaden its range of services for institutions, hedge funds, wealthy investors and banks seeking to unlock Bitcoin’s potential as an asset class.

“The addition of new sources of high-quality data and analytical capabilities will broaden NYDIG’s existing research, trading and advisory capabilities,” the company said.

NYDIG expects a ‘significant’ uptick in its strategic acquisitions in 2021 following the Digital Assets Data deal.

In July 2020, NYDIG raised $105 million from 15 investors in the Institutional Bitcoin Fund. In October, its parent company Stone Ridge Holdings Group added 10,000 BTC to its balance.

In December, NYDIG acted as intermediary in Mass Mutual\’s $100 million investment in Bitcoin.

In 2019, the Digital Assets Data analytics platform raised more than $9 million from Morgan Creek Digital, Digital Currency Group and North Island.

As reported in 2020, total venture funding in the crypto industry was estimated at $3.1 billion across 774 deals. The largest acquisitions were CoinMarketCap, Blockfolio and Tagomi.

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