Bitcoin is becoming an increasingly “institutional asset,” according to NYDIG’s CEO.
New York Digital Investment Group has raised $150 million through two separate cryptocurrency investment funds, according to documents filed with the United States Securities and Exchange Commission on Nov. 24 and Dec. 1.
The NYDIG Digital Assets Fund I raised $50 million, with the NYDIG Digital Assets Fund II raising a further $100 million.
Reports suggest that the money raised by Fund I, which invests purely in Bitcoin (BTC), came from just two unnamed investors. Meanwhile, the larger Fund II is reputed to have received its entire $100 million investment from a single investor.
The new funds follow a big year for NYDIG, which announced $50 million in equity growth in October through investments from commercial and investment banks, insurance firms, and asset managers.
New York Digital Investment Group is a subsidiary of Stone Ridge, a $10 billion asset management giant.
As Cointelegraph reported, Stone Ridge recently made a Bitcoin investment of its own to the tune of 10,000 BTC. To date that investment has seen gains of over $75 million.
There seems to be a growing trend of large businesses investing in Bitcoin, as business intelligence firm MicroStrategy made a $250 million investment into the number one cryptocurrency back in August. NYDIG CEO Robert Gutmann noticed this trend earlier this year, stating that Bitcoin is transitioning to a “predominantly institutionally-owned asset.”
Source: Cointelegraph https://cointelegraph.com/