According to an SEC (Securities and Exchange Commission) filing signed on the 29th of September, NYDIG (New York Digital Investment Group) has raised $720 million for its Institutional Bitcoin Fund. If correct, the investment would be one of the biggest since December 2020.
According to the filing, 59 investors have contributed, bringing the average to about $12 million. The large sum suggested that the investors are wealthy individuals or corporations.
Nonetheless, the SEC filing does caution readers that the information might not be reviewed by the SEC. Hence the data should not be read as accurate or complete.
NYDIG Bitcoin balance hit an all-time high in Q3
As per a news release today, NYDIG stated that its BTC balances hit an all-time high in Q3 of 2022, up by 100% year-over-year. According to the press release, the company’s revenue is up 130% through Q2.
Furthermore, the firm announced the introduction of its new CEO and President. As per the release, Tejas Shah is the new CEO of NYDIG, while Nate Conrad is the new President. Shah and Conrad’s main objective is to accelerate NYDIG’s investment in its top-tier Bitcoin and crypto mining solutions. Robert Gutmann, the exiting CEO, and Yan Zhao, the outgoing president, will continue to work for NYDIG’s parent firm Stone Ridge Holdings Group.
The new CEO stated,
“I’m honored to lead this incredible organization on our important mission of Bitcoin for All.”
Ross Stevens, Founder and Executive Chairman of NYDIG, stated,
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG the last 12 months.”
Stevens noted that even during the height of the crypto hype in H2 2021, their risk management discipline kept the company away from Defi (decentralized finance), centralized lending platforms, and the uncollateralized lending market.
Meanwhile, the crypto markets have not been very favorable entering Q4 of 2022. Major projects were in the reds, particularly Ethereum (ETH). At press time, Bitcoin (BTC) was trading at $19,236.99, up by 0.4% in the last 24 hours.