NYDIG revealed to have $720 million worth of Bitcoin in custody


New York Digital Investment Group (NYDIG) has raised $720 million for its Bitcoin Institutional Fund, according to a submitted document with the US Securities and Exchange Commission.

Just 59 investors contributed the sum, averaging $12 million each, suggesting they are wealthy individuals or corporations.

That number is the highest since the peak of institutional investors in December 2020, when at one point they were buying around $1 billion worth of bitcoin per week.

NYDIG focuses on these institutional investors, who emerged in 2017 from Stone Ridge Asset Management.

Since then, they have focused on building a bitcoin adoption infrastructure for enterprise customers, which has been quiet for much of this year but may be getting back on track.

Fidelity’s Wise Origin Bitcoin Index Fund bought $63 million worth of bitcoin last week, while Cambrian Asset Management bought $20 million worth of bitcoin and eth the week before.

A three-month sideways stability for bitcoin could make the asset more attractive, especially amid heightened volatility in bonds, fiat currencies, and stocks.

This rally in institutional investors, therefore, could be a sign of growing confidence, with bitcoin crossing $20,000 over the weekendnow back to $19,000.

Anyone can guess if this points to the mythical bottom that Bitcoin tends to hit around this time during its first year, but this stability could be attracting investors once again.

NYDIG and its history with Bitcoin

Founded in 2017, NYDIG has always had a mission to accelerate the adoption of the largest cryptocurrency by market capitalization, Bitcoin. In early 2022, the company partnered with Q2, a company that provides digital services to financial institutions, to enable more than 18 million US bank customers to buy and sell Bitcoin.

NYDIG has also partnered with corporate payment giant NCR to enable around 650 US banks and credit unions to provide BTC merchant services to their customers.

The company offers a wide range of bitcoin-related products that help businesses integrate services or gain exposure to BTC. Employees of participating companies can convert a portion of their salary into bitcoin in the same way they would set aside funds for a retirement plan.

“The outlook for NYDIG and Bitcoin has never been more exciting. Our roster of strategic investors and partnerships lays the groundwork for NYDIG to become the premier provider of Bitcoin solutions to businesses in any industry, and this new equity capital will further accelerate progress in making this exciting network accessible and useful to everybody”. – the company said in a press release.

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