New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its parent company StoneRidge Capitals, as well as Morgan Stanley, MassMutual, and others.
NYDIG CEO and co-founder Robert Gutmann spoke on the announcement. “The firms participating in this round are more than investors – they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.”
“These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards. In the months and quarters ahead, look out for an explosion of innovation in Bitcoin products and services delivered by NYDIG, in partnership with our new investors.”
Founder and Executive Chairman of NYDIG Ross Stevens also chimed in. “I am thrilled by what this group of incredible investors will mean for NYDIG, but especially for Bitcoin.”
NYDIG Known For Offering Institutional Clients Bitcoin Products
NYDIG is known for offering institutional clients focused Bitcoin products and solutions. It has played a major role in helping traditional investors get exposure to Bitcoin.
The investment group also announced that life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure. These were all facilitated exclusively by NYDIG, and held on NYDIG’s secure, audited, and insured institutional custody platform.
Additionally, the investment group remains in the race to launch the USA’s first regulated Bitcoin ETF. Firms such as VanEck and Galaxy Digital have applied for Bitcoin-based Exchange funds in the past. NYDIG filed with the SEC on February 16.
The hope is that the SEC would change its previous stance after looking at the growing institutional demand. Additionally, there is some belief that a Biden-led SEC and other regulatory bodies will pass crypto-friendly regulations as the world’s focus on digital assets rises.