According to Financial Magnates, the New York Digital Investment Group (NYDIG) raises $150 million in an attempt to attract institutions into the cryptocurrency and blockchain space. The NYDIG raised finances to invest in two new cryptocurrency funds. However, only two investors were sufficient to top up the funds to $50 million.
The digital asset services provider revealed the funds to the United Securities and Exchange Commission (SEC) in two separate filings. The funds are NYDIG Digital Asset Fund I worth $50 million and NYDIG Digital Asset Fung II worth $100 million. It is further known that the fund’s latest offerings are for a growing institutional clientele going long on Bitcoin.
NYDIG on an expansion mode
What is more surprising is the size of the fund investments and the ambiguous entities behind it. It’s quite surprising that only two investors summed up the NYDIG Digital Asset Fund worth $50 million. The funds aim to take advantage of the crypto bull run. Like they said, “It’s never too late.” With institutional investors in foray trying to capture the crypto market, NYDIG funds have provided a medium for the same. Various corporations are treasuring crypto, whereas institutional investments in Bitcoin has led to skyrocketing the price. Bitcoin has surpassed all previous levels of resistance in order to create a history in the modern financial markets. Moreover, it is known that NYDIG Fund I only invests in Bitcoin, whereas the strategies with the second fund remain unknown.
In 2017, NYDIG diverged from Stone Ridge Asset Management to incept its own crypto-based fund. It acquired the BitLicense from the New York Regulators to commence its operations. It further secured a $50 million fund to expand the team with new hires under the leadership of BitLicense’s chief Benjamin Lawsky.
NYDIG also raised an additional $50 million as growth equity to expand into a range of services, from investment services, prime funds to hedge funds and institutional clients.
With NYDIG fundraise, one thing is clear that there is no looking back from cryptocurrencies henceforth.
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