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NYDIG raised $150m for two new funds to invest in cryptocurrencies, a move that underscores the one-stop crypto shop’s skyrocketing clout on the institutional bitcoin scene. The funds capture the extent to which deep-pocketed players are powering the 2020 bull run. Corporations making the crypto their treasury reserve, storied investors pumping their bags on CNBC and institutions piling in have combined to push BTC to new all-time highs.
That crypto-forward institutional investors would flock to NYDIG should be no surprise to those familiar with the space. NYDIG was spun out of $10 billion Stone Ridge Asset Management in 2017 with a mission to court institutional cryptocurrency newcomers. It quickly hired BitLicense architect Benjamin Lawsky and secured $50 million in funding to build out the team.
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