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NYDIG Announces $200M Fundraising from Giants Like MassMutual, Morgan Stanley

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by Bhushan Akolkar · 3 min read
NYDIG Announces $200M Fundraising from Giants Like MassMutual, Morgan Stanley
Photo: Depositphotos

NYDIG said that the new fundraising will help it accelerate growth in the coming months and quarters while building Bitcoin-based solutions for the banking, insurance, and clean energy sector.

On Monday, March 8, digital asset manager NYDIG announced a $200 million fundraising round as part of the growth capital round led by some of the strategic partners like MassMutual, Stone Ridge Holdings Group, Morgan Stanley, Soros Fund Management, New York Life and FS Investments.

NYDIG Specializes in offering Bitcoin-based technology solutions and investment services. Thus, it will work with all strategic partners for applying Bitcoin-based solutions to the banking, insurance, and clean energy sector. In the official press release, Robert Gutmann, co-founder and CEO of NYDIG, also said:

“The firms participating in this round are more than investors – they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy. These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards”.

NYDIG is also planning to introduce new solutions in the coming months and quarters. Thus, NYDIG is looking out for an “explosion in innovation” in the Bitcoin products and services it offers.

NYDIG Accelerating Institutional Bitcoin Adoption with New Fundraising

NYDIG has been actively working with institutional players over the last two years to bring them close to Bitcoin. The digital asset manager also facilitated MassMutual’s $100 million Bitcoin purchase last year in 2020.

NYDIG also disclosed that insurers spread across property and casualty, life, and annuity, are now using its platform. these players together have nearly $1 billion of direct and indirect Bitcoin exposure. Besides, NYDIG is a trusted player in the crypto space as it also offers secure, audited, and insured institutional custodial solutions.

NYDIG’s executive chairman Ross Stevens said:

“I am thrilled by what this group of incredible investors will mean for NYDIG, but especially for Bitcoin.”

This is not the first time that NYDIG has got fundraise to accelerate growth in this market. The last year-end in November & December 2020, NYDIG raised around $150 million via two crypto investment funds. In 2018, NYDIG also secured the BitLicense from the New York State Department of Financial Services (NYDFS).

Along with institutions, even big corporates have joined the Bitcoin bandwagon. Tesla‘s entry into Bitcoin (BTC) has sparked further curiosity for corporates to put part of its balance sheet into Bitcoin. Last Sunday, March 7, China’s software giant Meitu pledged a $40 million investment in Bitcoin and Ether. On Monday, March 8, Norwegian giant Aker ASA pledged $58 million investment in BTC.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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