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.<\/p>\n
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.<\/p>\n
NYDIG also named<\/a> Nate Conrad as president. The post of chief executive officer was taken by Tejash Shah.<\/p>\n The former president Yan Zhao and former CEO Robert Gutmann will continue to work at Stone Ridge Holdings Group \u2014 NYDIG’s parent company. The latter will also retain a seat on the board.<\/p>\n According to the press release, the platform’s Bitcoin balances reached a record high in the third quarter, rising 100% year over year.<\/p>\n In December 2021, NYDIG attracted a record $1 billion<\/a> for the industry, valued at $7 billion.<\/p>\n In March, the platform was supported<\/a> in a $200 million funding round. In April, NYDIG attracted another $100 million<\/a> from insurers.<\/p>\n