JPMorgan, Soros, MassMutual, and other institutions lead investment! Digital asset company NYDIG completes $200 million financing.

Digital asset management company NYDIG, which provides Bitcoin investment products and services specifically for insurance companies, banks, enterprises, institutions, and high net worth clients, has completed a $200 million financing round led by several prominent institutions.

Wall Street and Bitcoin Connection

Asset management firm Stone Ridge's subsidiary, New York Digital Investment Group (NYDIG), announced on Monday that it has completed a $200 million funding round led by institutional investors including Stone Ridge, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments. NYDIG's co-founder and CEO, Robert Gutmann, stated in a press release:

"The companies participating in this round are not just investors but also our partners, and our years of collaboration have made us very familiar with each other. NYDIG will work with these companies to implement strategic plans related to Bitcoin, including investment management, insurance, banking, clean energy, and charitable initiatives."

To date, NYDIG has facilitated a total of $1 billion in direct and indirect Bitcoin investment positions for life insurance companies, annuities, and property & casualty insurance companies, with these assets held on NYDIG's institutional custody platform. Robert Gutmann revealed that in the coming months and quarters, NYDIG will have further collaboration with its new investors to bring explosive growth to NYDIG's Bitcoin products and innovative services. NYDIG's co-founder, Ross Stevens, stated:

"The incredible investors in NYDIG (especially in Bitcoin) and what they mean for us, I am very excited about."

NYDIG was officially established in December and at that time, under the mandate of the over a hundred-year-old insurance company, MassMutual, set up a general insurance account and purchased $1 billion worth of Bitcoin. Since then, the company has become a gateway and catalyst for Wall Street's entry into the cryptocurrency market. Robert Gutmann stated last month that by the end of 2021, NYDIG will be able to manage over $25 billion in Bitcoin on behalf of clients.