By Mark Ackman
NYDIG has announced that it is on the right track to generate a tremendous amount of funds for its Institutional Bitcoin Fund.
NYDIG has raised $720 Million
NYDIG, which is the digital assets-focused subsidiary of Stone Ridge, has announced it has raised a total of $720 million.
The financial services firm’s digital assets-focused subsidiary has confirmed that the funds generated are for the Institutional Bitcoin Fund.
Form D Filing Submitted at the SEC
NYDIG has recently submitted a Form D filing at the Securities and Exchange Commission providing information on the raised funds.
As per the filing data, there were around 59 investors who were part of the funding. On average, each investor contributed more than $12 million to make up such a large fund for the Institutional Bitcoin Fund.
It is worth mentioning that despite the firm having submitted the filing at the SEC, the regulator itself has not necessarily validated whether it is complete and accurate.
NYDIG Hit a New Milestone
In a recent press release, NYDIG shared a new milestone it has successfully achieved that involves Bitcoin.
The company’s Q3 Bitcoin balances are at an all-time high. The firm’s Bitcoin balances were never this high, making it a new achievement overcome by the digital asset firm.
The NYDIG has gone on to claim that on a year-over-year basis, they have seen their Bitcoin holdings grow by 100%. The revenues generated are even better as they are 130% more than Q2 2022.
Management Shakeup
The press release has given a shocker as well to the NYDIG community. The release suggests that the company is now determined to shake up its management.
The shakeup includes the appointment of the new President and CEO of the company. Nate Conrad would be the new President of the company while Tejas Shah would be the new Chief Executive Office.
Previously, Nate Conrad was the Global Head of Payments and Tejas Shah was the Global Head of Institutional Finance.
Company’s New Goals
With their new roles, their sole purpose would be to provide the firm with as many opportunities as possible to explore the cryptocurrency industry.
They will be working to provide their investments with the best custodial services and mining services in cryptocurrencies. The integration of the Bitcoin Lightning Network into their infrastructure for Bitcoin would be part of their agenda.
Over time, both Conrad and Shah would exert their efforts into increasing the investments of NYDIG in the Mining Solutions that would be industry-leading.
They will also work together with non-bank and bank enterprises so they are able to utilize the Lightning Network that is managed by the NYDIG. The Bitcoin Lightning Network would be used for the next generation of global payments and wallets.