Soros Fund Management, New York Life and Morgan Stanley have invested in the Bitcoin-focused investment company NYDIG together with Stone Ridge Holdings, Massmutual, FS Investments and Bessemer Venture Partners. They will collaborate on a number of strategic initiatives related to Bitcoin and expect “an explosion of innovation in Bitcoin products and services” to occur.
Large companies want exposure to Bitcoin
Large companies and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for Bitcoin, the group announced on Monday. According to the announcement:
A $ 200 million growth equity round [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, who led the previous two funding rounds for NYDIG, were also significant participants.
The Soros Fund Management is led by George Soros, one of the most successful financiers in history. The 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 country.
Robert Gutmann, the CEO of NYDIG, stated: “The companies participating in this round are more than just investors – they are partners that we have known for years.” He said:
NYDIG will work with these firms on strategic Bitcoin-related initiatives that include investment management, insurance, banking, clean energy, and philanthropy. These partnerships leave no doubt that the institutional adoption of Bitcoin has arrived.
He added that “NYDIG will herald” an explosion of innovation in Bitcoin products and services “in the coming months and quarters, working with new investors.
The group emphasized the “acceleration of the rollout of institutional bitcoin” and further announced on Monday:
Life, annuity, and property and casualty insurers now have total direct and indirect Bitcoin exposure of more than $ 1 billion, made solely possible by NYDIG.
NYDIG is part of Stone Ridge Asset Management, which recently filed an application with the SEC to invest in Bitcoin. Stone Ridge’s founder, who also founded NYDIG, Ross Stevens, said in February that “you will only see a wall of money” coming in Bitcoin.
What do you think of the investment heavyweights investing in the Bitcoin company? Let us know in the comments below.
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