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$10 billion asset management firm is holding $115 million worth of Bitcoin.
Having 0% exposure to Bitcoin at this point is the wrong answer.https://t.co/HEIiwvj9vm
— Pomp 🌪 (@APompliano) October 13, 2020
$63,994.00
6.49%$3,062.44
6.44%$6.75
7.04%$557.82
5.59%$143.42
10.89%$1.001
0.26%$3,058.38
6.20%$0.507205
8.13%$0.15639
11.56%$6.09
-2.69%$0.479559
12.69%$0.00002312
10.56%$35.23
9.92%$64,011.00
4.58%$0.110501
4.42%$478.34
7.34%$14.05
9.47%$14.35
20.69%$0.679686
9.17%$81.50
6.61%$5.63
7.25%$7.58
11.92%$5.80
-0.03%$9.53
9.90%$26.28
8.72%$1.14
5.31%$1.005
0.55%$2.45
11.05%$6.24
12.36%$0.123826
8.16%$54.99
3.20%$0.113156
8.78%$8.25
7.97%$3,087.80
6.20%$7.99
11.51%$1.13
7.20%$0.04094941
10.31%$2.04
8.49%$446.06
4.23%$0.08117
5.83%$2.86
26.16%$2,969.79
4.49%$0.113948
2.73%$27.76
10.27%$0.262054
11.73%$1.001
0.03%$2.25
9.37%$3,172.93
6.34%$2.16
15.89%$0.00000516
10.97%$117.15
5.53%$2.09
10.40%$11.10
17.79%$0.693648
12.08%$28.33
24.47%$2.04
9.70%$5.35
19.29%$2.01
8.06%$3,378.42
5.96%$1.25
4.68%$1.33
15.82%$0.04529342
11.00%$0.565003
18.87%$105.87
5.56%$3,134.32
6.53%$0.02748965
13.15%$1.023
24.42%$0.177238
10.51%$1.064
14.31%$9.65
5.07%$0.00014088
11.06%$0.88662
9.73%$66.11
7.41%$18.40
5.39%$86.85
9.21%$0.03264057
5.76%$0.00000126
6.32%$3,052.87
5.24%$2.29
11.22%$0.884942
14.49%$14.08
6.72%$41.48
10.47%$0.747358
5.84%$0.02116961
-0.81%$0.596775
11.44%$0.449582
11.14%$0.00005117
8.96%$3.19
9.09%$7.00
7.44%$0.00001502
13.01%$3.02
13.81%$0.110626
10.46%$1.011
-6.57%$46.79
19.45%$0.996448
10.57%$0.239058
14.12%$4.95
9.51%$16.35
6.14%$6.91
6.82%$0.609402
9.77%$0.79037
11.13%$347.78
8.07%$0.01842235
9.04%$3.87
4.63%$1.23
6.08%$0.813665
11.17%$168.36
9.21%$9.00
9.80%$0.01949659
7.16%$0.442372
10.64%$1.24
7.42%$1.19
5.58%$3,086.85
6.34%$13.02
12.69%$0.228281
11.06%$19.52
12.88%$0.676254
8.40%$2.29
10.77%$0.981989
0.08%$2.81
7.72%$1.67
11.69%$1.22
9.25%$0.187841
8.28%$3,049.78
5.79%$0.099823
12.23%$4.04
18.56%$0.608613
5.75%$4.00
5.58%$168.02
9.60%$0.998202
0.05%$3,211.27
6.22%$35.69
8.08%$0.395073
9.40%$0.00178323
7.24%$95.47
11.65%$0.924836
7.52%$0.00000028
17.30%$0.105523
15.43%$0.00010168
8.90%$2,391.65
-0.66%$0.01053189
25.72%$0.702726
18.48%$3,259.50
6.51%$0.086819
8.78%$5.82
5.14%$0.053213
5.10%$1.78
0.37%$0.297247
10.93%$0.03919476
0.66%$0.88541
12.69%$0.062019
12.08%$5.35
1.62%$1.47
5.87%$0.055244
11.49%$0.435737
8.73%$1.001
0.21%$3,311.52
6.32%$0.395395
15.04%$62.87
50.66%$0.336421
11.81%$0.418004
9.97%$0.092931
11.50%$0.451344
10.15%$0.04717383
11.17%$0.240214
10.70%$1.86
12.12%$1.11
8.03%$0.671626
21.01%$0.02512475
11.13%$0.00517911
1.71%$1.01
12.05%$0.00000046
4.82%$0.525398
12.02%$14.13
13.50%$2,400.18
-1.26%$21.50
11.55%$0.02631582
11.37%$0.808429
9.52%$4.09
8.41%$0.03448312
39.08%$3.96
9.43%$0.03105279
13.35%$13.27
10.17%$3.68
21.94%$3.69
12.33%$0.00235823
11.75%$0.608232
7.96%$0.00741761
9.33%$1,280.93
6.04%$1.57
11.05%$0.560103
1.16%$0.00703744
7.15%$5.04
7.66%$3.69
17.18%$0.51909
9.28%$4.23
38.22%$0.829216
4.35%$55.41
10.76%$0.934235
7.90%$3,138.69
6.42%$0.376624
10.93%$0.250354
9.85%$0.03091558
5.29%$0.748461
4.79%$1.73
12.39%$5.53
6.44%$0.393724
13.01%$62.80
13.42%$29.81
9.91%$4.17
15.90%$0.800122
18.88%$21.21
9.88%$0.03505773
13.76%$0.03740467
12.08%$22.50
10.27%$3.46
10.56%$0.119882
11.73%$61.43
5.53%$0.42417
12.66%$8.17
7.11%$0.256362
11.45%$0.919425
7.06%$30.71
5.22%$29.25
25.43%$0.00594012
8.86%$1.24
13.49%$0.0327028
5.10%$31.58
9.85%$0.882044
14.15%$2.39
12.33%$28.78
6.05%$0.00362254
12.05%$0.749937
5.19%$38.07
13.87%$0.313613
10.74%$25.64
14.77%$0.264339
11.60%$0.158802
5.29%$39.87
8.28%$3.64
11.66%$62.56
5.58%$0.00000033
5.69%$0.02067241
13.27%$0.00
10.10%$0.284592
12.66%$0.374839
13.03%$1.74
9.64%$2.51
8.13%New York Digital Investment Group (NYDIG), a crypto-focused subsidiary of Stone Ridge, revealed today that it currently custodies around $114 million in Bitcoin (BTC) for its parent company, according to an announcement.
$10 billion asset management firm is holding $115 million worth of Bitcoin.
Having 0% exposure to Bitcoin at this point is the wrong answer.https://t.co/HEIiwvj9vm
— Pomp 🌪 (@APompliano) October 13, 2020
Stone Ridge decided to purchase the 10,000 Bitcoin as part of its treasury reserve strategy. It chose to custody these funds with its own spinoff company NYDIG—which has now come out of stealth mode.
“We started NYDIG in 2017 because Bitcoin is an accelerant to the Stone Ridge mission of Financial Security for All. I view Bitcoin as a border-agnostic, uniting force for good. Bitcoin can propel global citizens that opt in towards a brighter, and fairer, financial future,” said Ross Stevens, founder of Stone Ridge and executive chairman of NYDIG, adding that the 10,000 BTC “are the principal component of our treasury.”
The $125 million it looks after on behalf of Stone Ridge is just part of over $1 billion worth of digital assets NYDIG holds for its clients.
According to Forbes, two of the largest funds in NYDIG’s custody are the Institutional Bitcoin Fund LP ($190 million) and Bitcoin Yield Enhancement Fund LP ($140 million). The firm also stated that over the last 10 months, the number of its clients quadrupled.
The announcement comes on the heels of NYDIG raising another $50 million in growth equity funding from various financial services companies.
"As Bitcoin transitions to a predominantly institutionally-owned asset, NYDIG is better positioned than ever to be the leading provider of Bitcoin solutions to corporations, institutions, and banks,” said Robert Gutmann, NYDIG co-founder and CEO, adding that the firm sees “demand for our full suite of corporate treasury and investment solutions accelerating."
But Bitcoin becoming a predominantly institutionally-owned asset—is that the future that Bitcoiners have long hoped for?