The New York Digital Investment Group (NYDIG) is on track to becoming one of the biggest institutional hoarders of Bitcoin in the US. According to anSEC filing disclosed June 30, the group recently raised $190 million for a Bitcoin fund.
Over the past three years, NYDIG has dabbled in various Bitcoin-based funds. One of its first, founded in 2018, was a pooled investment fund dubbed the"Institutional Digital Asset Fund." While the fund didn't initially disclose its constituent assets, it managed to raise a notable $31 million.
That fund was subsequently rebranded to the "NYDIG Institutional Bitcoin Fund LP"—the very same that NYDIG just raised $190 million for.
One Bitcoin fund or many?
In May this year, NYDIG took the plunge on another fund—roughly one week before Bitcoin's quadrennial halving. This one, a Bitcoin-centric stash known as the "NYDIG Bitcoin Yield Enhancement Fund LP," raisedan ample $140 million.
It’s unclear whether the Bitcoin Yield Enhancement Fund LP and the rebranded Institutional Bitcoin Fund LP funds are one and the same. If they are separate, NYDIG would count among one of the US' biggest institutional investors in Bitcoin, with an aggregated total of $330 million worth of digital gold under management.
One cryptocurrency investor found out exactly how volatile crypto markets can be, after losing his $250,000 hedge fund investment over a matter of just days, according to the Financial Times.
Last year, 50-year old Vlad Matveev, a former fund manager, invested $250,000 into a hedge fund operated by Cryptolab Capital. The California-based, mixed-strategy hedge fund promised to generate "outstanding returns" by investing in crypto assets through a data-heavy approach to trading.
While the hedge f...
NYDIG also operates another Bitcoin fund, named theNYDIG Bitcoin Strategy Fund. The fund primarily invests in Bitcoin futures contracts offered by the CME. While its actual size is unknown, NYDIG attempted to raise $25 million for it in December last year.
Institutional engagement is on the up
Institutional interest in Bitcoin appears to be on the rise. Yesterday, digital asset manager Grayscale Investments revealed holdings of more than $3.5 billion in Bitcoin.
07/02/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
It's been suggested that since the halving in May,Grayscale has been buying Bitcoin at a rate faster than miners can produce it.
However, several analysts, including Messari Research's Ryan Watkins, have challenged this assertion. Instead, they suggest that Grayscale's Bitcoin Trust (GBTC) accrues the majority of its Bitcoin via "in-kind" purchases—in other words, through investors buying GBTC shares with Bitcoin already in circulation.
Grayscale buys way less #Bitcoin than many would think.
Factoring in "in-kind" purchases, Grayscale has only bought 31% of all new bitcoins mined since the halving, far less than the 150%+ many have reported.
This is just one of many misconceptions about Grayscale's trusts.
KULR Technology Group is aiming to raise $300 million to bolster its Bitcoin treasury, the firm revealed Monday in a filing with U.S. federal regulators—the latest sign a growing number of public and private companies are embracing the world’s oldest cryptocurrency.
California-based KULR, which has pivoted to become a self-described "Bitcoin-First" company, plans to raise $300 million by selling its common stock shares in an at-the-market offering, with assistance from Cantor Fitzgerald. It will...
The Blockchain Group is raising €300 ($342 million) to add Bitcoin to its BTC holding, according to its statement on Monday—a move that aligns the Paris-based Bitcoin Treasury with a growing number of public companies emulating software firm Strategy’s Bitcoin-based playbook.
The company intends to raise the funds through an “at-the-market”-type offering, in partnership with French asset manager TOBAM. Under the offering, TOBAM will acquire shares directly from The Blockchain Group on a daily b...
Strategy, formerly MicroStrategy, acquired 1,045 Bitcoin worth roughly $110 million at the time of purchase, according to a Securities and Exchange Commission filing on Monday.
The tokens, bought between June 2 and 8, bring Strategy’s total holdings of the cryptocurrency to roughly 582,000 Bitcoin worth $62.7 billion based on current prices, according to crypto data provider CoinGecko.
The Tysons Corner, Virginia-based Bitcoin software company’s latest buy marks its fourth-smallest Bitcoin acqui...
