Soros Fund Management, New York Life, and Morgan Stanley have decided to team up with Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners in order to make investments in a Bitcoin or BTC-focused investment firm, called NYDIG.
The group will be working on various Bitcoin-related projects, and say they’re preparing to introduce “an explosion of innovation in Bitcoin products and services.”
These large corporations and established investment firms have all invested in the New York Digital Investment Group (NYDIG), a tech and investment solution provider for Bitcoin.
As confirmed in the announcement, a $200 million growth capital round was led by Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management, and FS Investments.
Bessemer Venture Partners and Fintech Collective, which had led the two previous investment rounds for NYDIG, also made contributions to this latest round.
Soros Fund Management is led by George Soros, who’s a well-known and highly-experienced financier. New York Life Insurance Company is notably the third-largest life insurance firm in the United States and the largest mutual life insurance company.
Robert Gutmann, CEO at NYDIG, noted that “the firms participating in this round are more than investors – they are partners, each well known to us for years.” He added that NYDIG will be “working with these firms on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.” He also mentioned that these partnerships “leave no doubt that institutional adoption of bitcoin has arrived.”
He further noted that in the months and quarters ahead, NYDIG will be announcing many other new Bitcoin-related products.
Life, annuity, and property and casualty insurers currently own over $1 billion of direct and indirect Bitcoin exposure that has been arranged by NYDIG.
NYDIG is notably a part of Stone Ridge Asset Management, which filed with the US SEC for one of its open-end mutual funds that will aim to make investments in Bitcoin. Ross Stevens, founder at NYDIG, noted last month that we should be expecting “a wall of money” being allocated towards Bitcoin-focused initiatives.