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.

AD

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?

Stay on top of crypto news, get daily updates in your inbox.