The company NYDIGthe subsidiary of the financial services company stone ridge specializing in digital assets, has just raised approximately $720 million for its institutional Bitcoin fund (BTC).
According to a Form D filing with the SEC, approximately 59 investors helped raise more than $12 million on average. The filing, however, revealed that the SEC had yet to formally validate the accuracy and completeness of the filing.
NYDIG disclosed in a press release following the filing that its Bitcoin balances reached a new all-time high during the third quarter. His BTC holdings are up ‘nearly 100% year over year’while its revenue grew 130% in the second quarter.
The press release also announces a change in the management of the company. NYDIG promoted Tejas Shah and Nate Conrad to the new roles of CEO and Chairman respectively. The duo previously served as NYDIG’s Global Head of Institutional Finance and Global Head of Payments.
The new leaders are expected to lead the company on its current momentum with a focus on accelerating investments in cryptocurrency miningchildcare services and the integration of Bitcoin Lightning Networkk. The press release states:
“Building on this momentum, Shah and Conrad will focus on accelerating NYDIG’s investment in its mining solutions franchise serving the largest North American miners, and in its platform technology business. They will also help banks and non-bank businesses use the Lightning Network for next-generation wallets and global payments.”
Outgoing CEO Robert Gutmann and outgoing Chairman Yan Zhao will remain at Stone Ridge Holdings Group, NYDIG’s parent company.
NYDIG, the champion of Bitcoin adoption by the general public
NYDIG, which describes itself as a bitcoin company, has been one of the biggest promoters of bitcoin adoption by mainstream financial players. According to a Reuters article, NYDIG is the provider of institutional-grade bitcoin custody and fund management services to several banks that offer cryptocurrency investments to their clients, including JP Morgan, Wells Fargo and U.S. Bancorp.
Through its other partnerships and funding rounds, NYDIG has become one of the largest cryptocurrency custodians holding over $1 billion in crypto for its clients. The company hit a $1 billion valuation last December.
Last March, NYDIG had its application to create a cash-settled bitcoin exchange-traded fund (ETF) rejected by the SEC. The SEC continues to refuse to approve the listing of a spot Bitcoin ETF on regulated markets, citing the immaturity of the cryptocurrency market.
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