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bitcoin cryptocurrency

Bitcoin Firm NYDIG Gets $200m Injection from Morgan Stanley, Soros

San Lee
by San Lee
4 years ago
·
Posted in Press releases, Bitcoin, Companies, News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Earlier today, NYDIG, a leading provider of investment and financial solutions for Bitcoin, announced that they were receiving $200 million in growth capital funding led by strategic partners Morgan Stanley, Soros Fund Management, FS Investments, Stone Ridge Holdings, Mass Mutual and New York Life. FinTech Collective and Bessemer Venture Partners, who previously funded NYDIG, also took part.

Robert Gutmann, co-founder and CEO of NYDIG, said that the participating firms were more than just investors: “they are partners, each well known to us for years.

NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.” He also promised that through the $200 million investment from their strategic partners, NYDIG would deliver “an explosion of innovation in Bitcoin products and services.” 

Indirect Bitcoin Exposure Grows

As institutional and retail Bitcoin adoption continues to surge, corporations are seeking new ways to gain exposure to the white hot crypto industry. While some companies such as MicroStrategy, Tesla and Square have opted to hold cryptocurrencies on their balance sheets in lieu of cash, others have looked to take advantage of the growing demand for investment solutions. New crypto-based financial products are undoubtedly on the rise.

For instance, the first several crypto-based exchange traded funds became available on the Toronto Stock Exchange mere months ago. If the crypto sector continues growing at the current pace, it’s likely that significantly more capital will flood into the sector.

On a similar note, NYDIG also announced that their clients have more than $1 billion in both direct and indirect Bitcoin exposure. In the past three months, Bitcoin has appreciated more than 170%, compared to the DOW JONES much more modest 5% gain. As the global equity markets slow down due to fears of inflation and rising interest rates, investing in crypto seems more attractive than ever before — for both individual investors and institutions. 

Featured image from UnSplash
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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