Despite retail reluctance, major institutional investors, like the New York Digital Currency Group (NYDIG), are still betting on bitcoin.
NYDIG, one of the companies responsible for financing crypto miners during the 2021 bull run, recently raised $720 million from 59 investors for a product called the Institutional Bitcoin Fund. The company disclosed the information to the Securities and Exchange Commission in a filing on Sep. 29, 2022. The company said its bitcoin balance hit an all-time high in Q3, 2022.
On Oct. 3, 2022, the company announced two new executive hires, Tejas Shah and Nate Conrad, who both hail from Wall Street banking behemoth Goldman Sachs. Both were hired to drive mining and payments business lines, Bloomberg reported.
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG the last 12 months,” stated Ross Stevens in a company press release.
NYDIG’s...
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