NYDIG Raises $50M in Growth Equity Funding; NYDIG Parent Stone Ridge Holdings Group Announces More Than $100M in Bitcoin as Primary Treasury Reserve Asset
Funding round closes as NYDIG significantly accelerates its corporate treasury solutions practice
NEW YORK, Oct. 13, 2020 /PRNewswire/ — NYDIG, a leading provider of investment and technology solutions for Bitcoin and other digital assets, announced today that it has raised $50 million in growth equity funding. Investors include financial services companies in commercial banking, insurance, investment banking, and asset management.
The funding comes amidst a quadrupling in NYDIG clients this year. NYDIG provides a complete suite of investment, brokerage, treasury, and technology solutions for Bitcoin to institutional allocators, corporations, investment advisers, and high net worth individuals. NYDIG also partners with banks and philanthropies to deliver its core custody, execution, financing, and AML/KYC capabilities to their customers and donors. NYDIG’s current custody, asset management, and financing balances exceed $1 billion in aggregate.
Robert Gutmann, co-founder and CEO of NYDIG, said, “As Bitcoin transitions to a predominantly institutionally-owned asset, NYDIG is better positioned than ever to be the leading provider of Bitcoin solutions to corporations, institutions, and banks. NYDIG grew out of the core capabilities we developed in 2017 to manage Stone Ridge Holdings Group’s investment and treasury holdings in Bitcoin, and today we serve our clients with the same platform. We are proud to have facilitated one of the largest commitments of treasury assets to Bitcoin announced to date, and see demand for our full suite of corporate treasury and investment solutions accelerating.”
Stone Ridge Holdings Group (SRHG), parent company of NYDIG and also of a $10B+ AUM asset manager to leading financial advisors, institutions, and insurance companies, announced today that it has purchased more than 10,000 BTC, over $100M currently, as part of its treasury reserve strategy. The purchase was executed by and is custodied at NYDIG.
Ross Stevens, founder of SRHG and founder and Executive Chairman of NYDIG, said, “We started NYDIG in 2017 because Bitcoin is an accelerant to the Stone Ridge mission of Financial Security for All. I view Bitcoin as a border-agnostic, uniting force for good. Bitcoin can propel global citizens that opt in towards a brighter, and fairer, financial future. From an investment perspective, we’ve long viewed Bitcoin as superior to cash. And now with unchecked – and unbacked – global paper money printing and real yields increasingly negative, SRHG’s more than 10,000 BTC are the principal component of our treasury reserve strategy. NYDIG’s corporate treasury solutions will be invaluable to other companies as they follow suit adopting the Bitcoin Standard for part or most of their treasury strategy. As the Fed’s balance sheet has increased $3 trillion since the beginning of 2019, the U.S. dollar has depreciated 70% against BTC.”
NYDIG is a leading provider of investment, brokerage, treasury, and technology solutions to premier institutions, corporations, banks, and sophisticated investors. NYDIG provides a complete range of institutional digital asset solutions including insured custody, execution, asset management, financing, and research. Founded in 2017 as the digital asset subsidiary of Stone Ridge, owner of a $10B+ alternatives asset manager in New York, NYDIG combines decades of experience in capital markets, asset management, and financial services with deep expertise in digital assets. Today, NYDIG’s digital asset custody, asset management, and financing balances exceed $1 billion in aggregate for some of the world’s most demanding investors and banks. The firm and its products are built to meet the highest regulatory, audit, and governance standards, and the firm’s subsidiaries hold a BitLicense and a limited purpose trust charter from the New York State Department of Financial Services. For more information, please visit NYDIG.com.
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