NYDIG Expects to Hold $25B in Bitcoin for Institutional Clients by Year End
Stone Ridge Asset Management's bitcoin spinoff firm – NYDIG – already has enough institutional buy orders lined up to push its bitcoin (BTC) holdings over $25 billion by the end of 2021, according to CEO Ross Stevens.
- "I am confident we'll have over $25 billion of bitcoin [by EOY 2021]. I just got this order book. I'm not guessing, I see what's happening," Stevens told MicroStrategy CEO Michael Saylor Tuesday.
- NYDIG currently manages $6 billion in bitcoin for its 280 institutional clients, with at least 96 more waiting in the wings, Stevens said. He said NYDIG can onboard at least 75 a month.
- "I didn't realize there were so many institutions moving so aggressively into this space," Saylor said. He has personally shepherded over $1 billion in bitcoin buys for MicroStrategy this year.
- Stevens delivered the first bitcoin-focused talk of MicroStrategy's annual World.Now conference.
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