NYDIG Raises $ 200M in Round with Morgan Stanley, MassMutual and Other Investors

New York Digital Investment Group (NYDIG), a major player-focused platform, has closed a $ 200 million funding round led by parent company Stone Ridge Holdings Group.

We’re excited to announce a new funding round from a group of strategic partners with whom we’ll be working on a variety of Bitcoin-focused initiatives. This is a testament to the increasing conviction behind #Bitcoin and builds on our exciting momentum. https://t.co/x4UizKEOmj

– NYDIG (@NYDIG_BTC) March 8, 2021

Strategic investors include MassMutual, Soros Fund Management, Morgan Stanley, New York Life, and FS Investments. They were joined by Bessemer Venture Partners and FinTech Collective.

“NYDIG will work with these companies on strategic Bitcoin-related initiatives including investment management, insurance, banking, clean energy and philanthropy,” it said.

NYDIG co-founder Robert Gutmann noted that companies’ decision to invest in the platform “leaves no doubt” about the institutional adoption of the first cryptocurrency.

“Expect an explosion of innovation in Bitcoin products and services from NYDIG in the coming months and quarters in partnership with our new investors,” Gutmann said.

Earlier NYDIG announced the investment of the oldest in the US insurance firm MassMutual $ 100 million in digital gold . It also acquired a $ 5 million stake in the platform.

In January 2021, Gutmann stated that large investors are only interested in Bitcoin and do not pay attention to other digital assets.

Later, the founder of the company, Ross Stevens, predicted that by the end of this year, the volume of assets under management will grow from $ 6 to $ 25 billion .

As a reminder, in February NYDIG applied to launch an exchange-traded investment fund based on the first cryptocurrency.

Leave a comment