Stone Ridge, an asset management company worth 13 Billion AUM, just grew bigger as it announced buying 10,000 Bitcoin as part of its primary treasury reserve asset. The company has joined the bandwagon of mainstream institutions to invest and convert their assets to Bitcoin to escape the uncertainties in economies. NYDIG, a Stone Ridge spinoff, has custody of the 115 million USD worth bitcoins.
Stone Ridge Becomes Latest Bitcoin Evangelist
The staggering investment in Bitcoin by yet another enterprise showcases the increasing trust of mainstreams in the cryptocurrencies. For the record, Stone Ridge manages around 10 billion bitcoins in assets; however, now the company has its own 115 million BTC. The Central banks worldwide are putting trillions in their economies to stabilize the damaged financial structures impacted by the Covid-19 pandemic. Since then, it has been seen that cryptocurrencies have garnered a lot of interest from the mainstream. Earlier Microstrategy and Square announced massive stakes in Bitcoin, and now Stone Ridge has announced such enormous bitcoin allocation.
NYDIG- A Stone Ridge Spinoff Devoted To Crypto Solutions
Back in 2017, several founding members of the company showed a lot of inclination towards cryptocurrency, which laid a foundation for the significant investment. The company then started a spinoff named New York Digital Investment Group that raised around 50 Million dollars in 2017. This week the company announced that it had raised 50 Million USD funding. The announcement also revealed that parent company Stone Ridge has $115 million worth of bitcoin.
Becoming The Leading Bitcoin Solution Provider
In an official announcement, NYDIG CEO Robert Gutmann said that as Bitcoin is transitioning into an institutionally owned asset; the company is now becoming the leader in Bitcoin solutions. NYDIG is helping enterprises, organizations, and banks to manage their assets and transactions in BTC. He added that the company had provided timely and reliable services as committed for the treasury assets to Bitcoin. There is an increasing demand for its full suite of corporate treasure and solutions.
NYDIG said that its current custody, financing balances, and asset management is somewhere above 1 Billion USD in all.
