Today institutional Bitcoin firm NYDIG said it raised $200 million in growth capital. The round was led by parent Stone Ridge Holdings, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments.
NYDIG is a regulated custodian and prime brokerage, which was set up by Stone Ridge in 2017 when it couldn’t find institutional-grade services. The startup grabbed headlines in early December when MassMutual said it invested $5 million and had bought $100 million Bitcoin using NYDIG solutions. Today NYDIG said that through its platform, life, annuity, and property & casualty insurers own or have exposure to $1 billion in Bitcoin.
“NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy,” said Robert Gutmann, co-founder and CEO of NYDIG.
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