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Asset management firm Stone Ridge had revealed that it had been investing Bitcoin under a subsidiary company since 2017, and now holds $115 million in the asset.
- In 2017, Stone Ridge subsidiary New York Digital Investment Group (NYDIG) raised $50 million in an unannounced investment for the purposes of institutional investment
- On October 9, NYDIG raised another $50 million led by Fintech Collective, with Bessemer Ventures, and Ribbit Capital also participating
- Following the $100 million investment, NYDIG revealed that it holds 10,000 BTC, worth about $115 million at today’s price
- It is unknown who NYDIG’s clients are, though Ripple executive chairman revealed last month that he had moved one of his XRP wallets to its custody
- NYDIG holds several other investment funds, including assets such as Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH)
- Several incumbent companies have been investing in Bitcoin, including Microstrategy, which invested $425 million, and Square, which invested $50 million
