NYDIG Raised $720 M for Its Bitcoin Fund

by in Cryptocurrency News

NYDIG Bitcoin Fund

A filing by the SEC reveals that the New York Digital Investment Group (NYDIG) has raised $720 M for its institutional Bitcoin Fund.

Related: NYDIG and Deloitte Collaborate to Help Companies Adopt Crypto

In addition, a filing by the US SEC published last week indicates the group's intent to add more Bitcoin to its balance sheet. Around 59 participants have invested in NYDIG's Bitcoin Fund. However, NYDIG doesn't reveal when the company is planning to make the purchase. NYDIG launched its Bitcoin Fund in 2018. In June, 2020 the company raised $190 M.

A press release by NYDIG says the company's Bitcoin balances reached an all-time high in the third quarter of this year, recording almost 100% growth year-over-year. The revenue of the firm is up 130% through the second quarter, with another increase when the firm summed up Q3.

Robert Gutmann, the former CEO of NYDIG said the firm's balance sheet is the strongest it's ever been and the company is currently investing aggressively into a capital-starved market.

NYDIG also announced changes in its executive staff. Tejas Shah, Global head of trading, and Nate Conrad, global head of payments were promoted to the roles of CEO and president respectively.

Former CEO Robert Gutmann and former President Yan Zhao will remain at the company’s parent group Stone Ridge Holdings Group.

According to NYDIG, the team is accelerating its investment in the Mining Solutions franchise, and helping financial enterprises to use the Bitcoin payments solution, Lightning Network.