Bitcoin investment firm New York Digital Investment Group (NYDIG) has secured approximately $720 million in funding for its Institutional Bitcoin (BTC) Fund. If approved, the funds could be used to purchase BTC.
59 Investors Raises $720 Million
The filing with the United States Securities and Exchange Commission (SEC) revealed that 59 investors invested in the offering after its last sale in 2018. The document was signed and submitted by Reuben Grinberg, the general counsel for the digital assets investment company.
Nonetheless, the SEC said it would review the information within the document to ascertain its accuracy.
As a crypto technology firm focused on the institutional adoption of Bitcoin, NYDIG had in 2021 raised $1 billion in a growth equity round devoted to expanding its institutional-grade Bitcoin platform.
The funding increased its valuation to around $7 billion in December last year. The company has continued to expand its business offerings to accelerate Bitcoin’s acceptance and use cases.
Last month, Ross Stevens, founder and CEO of NYDIG’s parent company, Stone Ridge Holdings Group, announced that the firm would launch a Lightning accelerator project for new crypto startup founders and CEOs working on Bitcoin Lightning Network.
NYDIG Bitcoin Balance Performance Hits New High
Meanwhile, the latest funding was accompanied by the release of the company’s Q3 financial report, which showed an impressive increase in its BTC balance despite the crypto winter.
The balance witnessed a significant increase of close to 100% year-over-year and a revenue increase of 130% compared to its Q2 earnings.
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG in the last 12 months,” Ross said.
Following the Q3 report, NYDIG revealed that its CEO Robert Gutmann, who recently resigned from his position, would be replaced by Tejas Shah, while the outgoing executive will remain at Stone Ridge, which he co-founded with Ross Stevens in 2012.
Similarly, the outgoing NYDIG president Yan Zhao will join Gutmann at the parent company.
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Source: https://coinfomania.com/nydig-on-track-to-buy-720m-in-btc/