Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch â€œan explosion of innovation in bitcoin products and services.â€
Major Companies Want Bitcoin Exposure
Major corporations 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 Monday. According to the announcement:
In addition, Bessemer Venture Partners and Fintech Collective, which led the two prior funding rounds for NYDIG, were also significant participants.
Soros Fund Management is chaired by George Soros, one of historyâ€™s more successful financiers. New York Life Insurance Company is the third-largest life insurance company in the U.S. and the largest mutual life insurance company in the country.
Robert Gutmann, the CEO of NYDIG, explained that â€œThe firms participating in this round are more than investors â€“ they are partners, each well known to us for years.â€ He elaborated:
He added that â€œIn the months and quarters ahead,â€ NYDIG is expected to announce â€œan explosion of innovation in bitcoin products and servicesâ€ in partnership with the new investors.
Emphasizing the â€œaccelerating institutional bitcoin adoption,â€ the group further announced Monday:
NYDIG is part of Stone Ridge Asset Management, which recently filed with the U.S. Securities and Exchange Commission (SEC) for one of its open-end mutual funds to invest in bitcoin. Stone Ridge founder who also founded NYDIG, Ross Stevens, said in February that â€œyouâ€™re just going to see a wall of moneyâ€ coming into bitcoin.
What do you think about investment heavyweights investing in the bitcoin firm? Let us know in the comments section below.
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