Financial giant Stone Ridge announced the purchase of 10,000 bitcoins. Is being controlled by institutions the future of bitcoin?
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
Babbitt Information (ID: bitcoin8btc)
, by Liam Frost, compiled by Kyle, published with permission.
According to an announcement, New York Digital Investment Group (NYDIG), the cryptocurrency subsidiary of Stone Ridge, revealed today that they are currently hosting approximately $114 million in Bitcoin (BTC) for their parent company.
Stone Ridge previously decided to purchase 10,000 bitcoins as part of its inventory reserve strategy. It chose to have the funds hosted by its own spin-off company NYDIG, officially revealing the company's investments in the cryptocurrency space.
Ross Stevens, Founder of Stone Ridge and Executive Chairman of NYDIG, said,
“We formed NYDIG in 2017 because Bitcoin was the catalyst for Stone Ridge’s mission of Financial Security for All. I believe Bitcoin will always be a boundary-agnostic uniting force. Bitcoin can drive global citizen choice A better, fairer financial future,"
He added that the 10,000 bitcoins "are a major part of our treasury."
The more than $100 million in bitcoin that NYDIG is hosting on behalf of Stone Ridge is just a portion of the more than $1 billion worth of digital assets that NYDIG holds for clients.
According to Forbes, the two largest funds currently under custody at NYDIG are the Institutional Bitcoin Fund LP ($190 million) and the Bitcoin Yield Enhancement Fund ($140 million). The company also said it has quadrupled its customer base over the past 10 months.
The announcement follows NYDIG raising another $50 million in growth equity funding from various financial services firms.
