Fun

Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm

News Feed - 2021-03-09 11:03:28

Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm


Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch “an explosion of innovation in bitcoin products and services.” Major Companies Want Bitcoin Exposure


Major corporations and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin, the group announced Monday. According to the announcement: A $200 million growth capital round [was] led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management, and FS Investments.


In addition, Bessemer Venture Partners and Fintech Collective, which led the two prior funding rounds for NYDIG, were also significant participants.


Soros Fund Management is chaired by George Soros, one of history’s more successful financiers. New York Life Insurance Company is the third-largest life insurance company in the U.S. and the largest mutual life insurance company in the country.


Robert Gutmann, the CEO of NYDIG, explained that “The firms participating in this round are more than investors – they are partners, each well known to us for years.” He elaborated: NYDIG will be working with these firms on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy. These partnerships leave no doubt that institutional adoption of bitcoin has arrived.



He added that “In the months and quarters ahead,” NYDIG is expected to announce “an explosion of innovation in bitcoin products and services” in partnership with the new investors.


Emphasizing the “accelerating institutional bitcoin adoption,” the group further announced Monday: Life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure facilitated exclusively by NYDIG.


NYDIG is part of Stone Ridge Asset Management, which recently filed with the U.S. Securities and Exchange Commission (SEC) for one of its open-end mutual funds to invest in bitcoin. Stone Ridge founder who also founded NYDIG, Ross Stevens, said in February that “you’re just going to see a wall of money” coming into bitcoin.


What do you think about investment heavyweights investing in the bitcoin firm? Let us know in the comments section below. Paypal Acquiring Crypto Security Firm Curv to Expand Digital Asset Initiatives FINANCE | 1 day ago JP Morgan Poll: 22% of Investors Say Their Institutions Likely to Trade or Invest in Cryptocurrencies FINANCE | 4 days ago Tags in this story george soros bitcoin, morgan stanley, new york life, nydig, soros, soros bitcoin, soros fund


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Jesse Coghlan7 hours agoMetaverse tech gets US greenlight to use speedier 6GHz frequencyThe United States Federal Communications Commission made the decision amid a flurry of mixed reality devices hitting the market.1675
Binance sued in Canada for securities law violations
Helen Partz1 hour agoBinance sued in Canada for securities law violationsEven after Binance announced its departure from Canada in May 2023, local authorities have continued to investigate the exchange.1187 Total views2
Elizabeth Warren Queries Bitcoin Mining Operation, US Senator Says Crypto Miners Raise Environmental Concerns
Elizabeth Warren Queries Bitcoin Mining Operation, US Senator Says Crypto Miners Raise Environmental Concerns Senator Elizabeth Warren has written a letter to the CEO of the New Yo
Rakesh Upadhyay5 hours agoPrice analysis 7/21: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOTSeveral Bitcoin price indicators suggest that BTC’s narrow trading range could end soon, resulting in a volatile price m
Guneet Kaur12 hours agoWhat is the difference between DApps and protocols?Discover the contrasting functions of DApps and protocols in the blockchain world, and gain insights into how they contribute to the growth of dec
Unicef Funding Startups With Cryptocurrency for Covid-19 Relief
Unicef Funding Startups With Cryptocurrency for Covid-19 ReliefThe United Nations Children’s Fund (Unicef) has announced its largest cryptocurrency investment funding of start
Elon Musk offers free premium features on X, crypto scammers included
Arijit Sarkar7 minutes agoElon Musk offers free premium features on X, crypto scammers includedElon Musk rolled out the paid verification model on X, earlier known as “Twitter Blue,” to fight the scammers and spammer
Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms
Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms During the first week of July, bitcoin prices have risen to their
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings 
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings  Federal prosecutors are reportedly investigating U.S.-based hedge funds that have dealt
US Law Enforcement Traces Bitcoin Transfers to Nab ‘Largest’ Child Porn Site
A U.S. federal grand jury indicted a South Korean citizen for operating the largest child porn site by volume, where visitors spent millions of dollars worth of bitcoin to pay for the illegal content.
Mad Money’s Jim Cramer Wants Crypto Investors to Bet Against Him — ‘I Have Done This for 42 Years’
Mad Money"s Jim Cramer Wants Crypto Investors to Bet Against Him — "I Have Done This for 42 Years" The host of Mad Money, Jim Cramer, has challenged crypto investors to bet again
Bitcoin volatility hovering within 6% of record low levels
Ciaran LyonsJun 09, 2024Bitcoin volatility hovering within 6% of record low levelsBefore the June 7 price decline, Bitcoin’s volatility over the previous 15 days was within “the bottom 6% of occurrences.”7681 Total