The New York Digital Investment Group (NYDIG), a platform focused on institutional investors, closed a $200 million financing round. It was led by its parent company Stone Ridge Holdings Group.
We’re excited to announce a new funding round from a group of strategic partners with whom we’ll be working on a variety of Bitcoin-focused initiatives. This is a testament to the increasing conviction behind #Bitcoin and builds on our exciting momentum. https://t.co/x4UizKEOmj
— NYDIG (@NYDIG_BTC) March 8, 2021
Among strategic investors are MassMutual, Soros Fund Management, Morgan Stanley, New York Life and FS Investments. They were joined by Bessemer Venture Partners and FinTech Collective.
“NYDIG will work with these companies on strategic Bitcoin-related initiatives, including asset management, insurance, banking, clean energy, and philanthropy,” the statement said.
Co-founder Robert Gutmann noted that the decision by the companies to invest in the platform leaves no doubt about the institutional adoption of the first cryptocurrency.
“In the coming months and quarters, expect a surge of innovations in Bitcoin-based products and services from NYDIG in collaboration with our new investors,” said Gutmann.
Earlier, NYDIG announced MassMutual $100 million in digital gold. It also acquired a $5 million stake in the platform.
In January 2021, Gutmann said that large investors interested only in Bitcoin and are not paying attention to other digital assets.
Later, founder Ross Stevens predicted that by the end of the year assets under management would grow from $6 billion to $25 billion.
In February, NYDIG filed an application to launch an exchange-traded fund based on the first cryptocurrency.
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