Soros Fund Management Company, New York Life and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments and Bessemer Venture Partners to invest in NYDIG, a Bitcoin-focused investment company. They will cooperate on a series of strategic plans related to Bitcoin and expect to initiate “the explosive growth of Bitcoin product and service innovation.”
Major companies want Bitcoin exposure
The organization announced on Monday that major companies and investment giants have invested in the New York Digital Investment Group (NYDIG), which is a provider of Bitcoin technology and investment solutions. According to the announcement:
Obtained $200 million in growth capital [was] Led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management and FS Investments.
In addition, Bessemer Venture Partners and Fintech Collective, which led the first two rounds of NYDIG financing, are also important participants.
The Soros Fund Management Company is chaired by George Soros, one of the most successful financiers in history. New York Life Insurance Company is the third largest life insurance company in the United States and the largest mutual life insurance company in the United States.
Robert Gutmann, CEO of NYDIG, explained: “The companies involved in this round of financing are not just investors, they are partners, and we are known to us every year.” He explained:
NYDIG will cooperate with these companies to carry out strategic plans related to Bitcoin, covering investment management, insurance, banking, clean energy and philanthropy. These partnerships have undoubtedly made the institutional adoption of Bitcoin have arrived.
He added: “In the coming months and quarters, the New York Stock Exchange is expected to work with new investors to announce “an explosive growth of innovation in Bitcoin products and services.”
The organization further emphasized on Monday “accelerating institutional Bitcoin adoption” and announced:
Life, annuities, and property and casualty insurance companies now have a total of more than $1 billion in direct and indirect Bitcoin exposure, which is exclusively provided by NYDIG.
NYDIG is part of Stone Ridge Asset Management, which recently applied to the US Securities and Exchange Commission (SEC) for one of its open-end mutual funds to invest in Bitcoin. Ross Stevens, the founder of Stone Ridge, who is also the founder of NYDIG in New York, said in February that “you will see a wall” entering Bitcoin.
What do you think about the investment of investment heavyweights in Bitcoin companies? Let us know in the comments section below.
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