Big Investor NYDIG’s SEC Application Revealed: The Amount Of Bitcoin It Plans To Buy Created Excitement!

NYDIG (New York Digital Investment Group), as disclosed in an SEC filing released last week, bitcoin He raised $720 million for his fund.

It Is Unknown When NYDIG Will Use The $720 Million Reported To The SEC For Bitcoin Funding

A total of 59 anonymous investors contributed to NYDIG’s Bitcoin Fund. However, the application does not specify when the company plans to complete the acquisition.

The document also states that the U.S. Securities and Exchange Commission (SEC) “has not conclusively reviewed the information in this filing and has not determined whether it is accurate and complete.”

Cryptocurrency NYDIG, one of the leading institutional investors in its field, established the Bitcoin Fund in 2018 and raised $190 million in June 2020 and named it the “Corporate Digital Asset Fund”.

In October of the same year, NYDIG’s parent company, Stone Ridge, purchased 10,000 Bitcoins (worth $115 million at the time) as part of its treasury reserve strategy and chose its own subsidiary as the storage provider.

This has made NYDIG one of the largest crypto custodians in the industry, holding over $1 billion in digital assets on behalf of its clients.

The firm raised $1 billion last December at a valuation of more than $7 billion in a WestCap-led round with participation from Morgan Stanley, MassMutual and others.

Ahead of NYDIG’s latest SEC filing Monday, it was announced that CEO Robert Gutmann and Chairman Yan Zhao were leaving their duties to continue working at Stone Ridge.

According to the statement, Tejas Shah became the new CEO of NYDIG, while Nate Conrad became the new president.

Shah and Conrad will focus on accelerating investments in NYDIG’s Bitcoin mining franchise serving North American miners and advancing institutional BTC adoption through the Lightning Network, BTC’s Layer 2 scaling solution.

*Not investment advice.

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