New York Digital Investment Group LLC (NYDIG), a Bitcoin trading and custody services provider, has announced that it raised $200 million in its latest growth capital round. The round was led by NYDIG’s parent company, Stone Ridge Holdings Group; Morgan Stanley; New York Life; Soros Fund Management and FS Investments. Other participants in the growth capital round include NYDIG’s previous lead investors; Bessemer Venture Partners, FinTech Collective, and MassMutual.
In December last year, MassMutual bought $100 million worth of Bitcoin for its general insurance account through NYDIG. It also acquired a $5 million stake in the company. A move that was described as a “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.” At the time, the company announced that life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect Bitcoin exposure facilitated exclusively by them and are held on NYDIG’s secure, audited, and insured institutional custody platform.
The latest growth capital round pushed the company’s total funding to $305 million from the previous total of $105 million, according to Crunchbase.
According to Robert Gutmann, who is the CEO of the firm, “the partnership between NYDIG and the companies will enable them to work with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.” He also added that “companies will invest in Bitcoin holdings because they have a fiduciary duty to consider whether holding 100% of your assets in dollars is in the best interest of their shareholders.”