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The New York Digital Investments Group (NYDIG) raised $ 150 million for two new funds to invest in cryptocurrencies, a move that underscores the one-stop crypto shop’s skyrocketing influence on the institutional bitcoin scene.
As revealed in two US Securities and Exchange Commission documents, NYDIG Digital Assets Fund I raised $ 50 million from institutional investors while NYDIG Digital Assets Fund II raised $ 100 million.
A source familiar with the matter confirmed to CoinDesk that Fund I invests entirely in bitcoin. The source said it is NYDIG’s latest offering for a growing lineup of long-range institutional clients on BTC.
It wasn’t immediately clear whether Fund II also invests exclusively in the market-leading cryptocurrency.
But more intriguing than the size of the NYDIG’s two new offerings is the identity of the whales they bought. Only two anonymous investors appear to have participated in NYDIG’s $ 50 million bitcoin fund, while it appears that his older brother got all his money from just one. .
Funds capture the extent to which deep-pocketed players are fueling the 2020 bull run. unite to push BTC to new all-time highs.
The fact that cryptocurrency institutional investors flocked to NYDIG should come as no surprise to those familiar with the space. NYDIG was spun off from Stone Ridge Asset Management’s $ 10 billion in 2017 with a mission to woo institutional cryptocurrency newcomers. He quickly hired BitLicense architect Benjamin Lawsky and secured $ 50 million in funding to build the team.
NYDIG raised an additional $ 50 million in growth capital in October. It now offers custody, execution, investment and prime brokerage services to hedge funds, pensions, banks and other clients with a high exchange rate.
The two funds continue NYDIG’s recent trend of registering its cryptocurrency offerings as 506 (c) rule investment vehicles. In essence, this means that NYDIG can advertise the funds to a wider audience.
