Today NYDIG, the bitcoin company, announced a $1 billion growth equity funding round at a $7 billion valuation led by WestCap. Earlier this year, the company raised two funding rounds of $200m and $100m, bringing the total amount raised by the Stone Ridge founded firm to $1.4 billion.
Several significant institutions are enabling client access to bitcoin via NYDIG funds, including JP Morgan, Morgan Stanley and Wells Fargo. Multiple insurers such as Liberty Mutual and MassMutual have also invested in bitcoin via NYDIG. The company is a regulated custodian and prime brokerage. Unlike several other cryptocurrency firms such as Galaxy Digital, NYDIG purely focuses on bitcoin.
Last month Ross Stevens, founder and Executive Chairman of NYDIG commented, “We believe that the next chapter of Bitcoin will be about Bitcoin – big B – the network.” This was a nod to the use of the network itself for payments.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
