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NYDIG holds more than $1B in cryptocurrency for its investors

New York-based crypto-focused NYDIG now holds more than a billion dollars in cryptocurrency as AUM.

Image by MichaelWuensch from Pixabay

Wed, 14 Oct 2020, 08:54 am UTC

Stone Ridge subsidiary New York Digital Investment Group (NYDIG) made an announcement this week that it is the custodian of the cryptocurrency holdings of its parent firm valued at over a hundred million dollars. In addition, the crypto-focused subsidiary also confirmed that it holds more than a billion dollars worth of crypto assets for its other investors.

“Stone Ridge Holdings Group (SRHG), the 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,” the company said in a press release.

Stone Ridge started NYDIG, its first non-wholly owned subsidiary, in 2017 after quietly raising $50 million, according to Forbes. The goal of the crypto-focused spinoff is to serve institutional investors that were then starting to show interest in the cryptocurrency market.

“We started NYDIG in 2017 because Bitcoin is an accelerant to the Stone Ridge mission of Financial Security for All,” NYDIG Executive Chairman and Stone Ridge founder Ross Stevens said. “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.”

The niche proved to be a lucrative one as NYDIC’s clientele grew to include high net worth individuals, investment advisors, and corporate entities. The crypto-assets managed by the firm also ballooned to more than a billion dollars. “NYDIG's current custody, asset management, and financing balances exceed $1 billion in aggregate,” the firm announced.

Interest in the market has increased during the coronavirus pandemic as investors fear the potential negative effects of various governments’ efforts to propping up their economies by stimulus programs. “We've seen a pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year,” NYDIG CEO and co-founder Robert Gutmann said. “The macro backdrop against the public health backdrop has caused a lot of people to rethink their portfolio composition.”

Last Friday, NYDIG raised $50 million in additional equity funding. The fundraising event was led by Fintech Collective with the participation of Ribbit Capital and Bessemer Ventures.

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