Stone Ridge Calls Its $114M in Bitcoin 'Primary Treasury Reserve Asset'; NYDIG Unit Raises $50M
Stone Ridge Holdings Group is stashing 10,000 BTC with the institutional asset manager's crypto subsidiary NYDIG, which on Tuesday announced it raised an additional $50 million in funding.
- The private firm called bitcoin its new "primary treasury reserve asset" in a statement shared with CoinDesk. That language was first adopted by publicly traded MicroStrategy.
- VC fund FinTech Collective led the NYDIG raise with participation from Bessemer Ventures and Ribbit Capital, Forbes reported.
- NYDIG is one of a handful of companies to wield New York state's BitLicense. It maintains a series of multi-million dollar crypto funds and offers prime brokerage and custody services to institutional clients.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
