NYDIG, the digital assets-focused subsidiary of financial services firm Stone Ridge, has raised approximately $720 million for its Institutional Bitcoin Fund.
According to a Form D filing made with the SEC, around 59 investors contributed more than $12 million on average to the raise. The filing however revealed that the SEC had not "necessarily" validated the accuracy and completeness of the filing.
NYDIG revealed in a press release following the filing that its Bitcoin balances have hit new a all-time high during Q3. Its holdings of Bitcoin grew "almost 100% year over year," while revenue is up 130% through Q2.
The press release also announced a management shakeup at the company. NYDIG has promoted Tejas Shah and Nate Conrad to new roles of CEO and President respectively. The duo were previously NYDIG's Global Head of Institutional Finance and Global Head of Payments, respectively.
The new officers are to lead the company in building on its current momentum with a focus on...
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