NYDIG, a bitcoin services company announced today “a $200 million growth capital round led by strategic partner Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments.
NYDIG scores major partners
Other participants in the funding round are Bessmer Venture Partners and Fintech Collective, who both led the two prior funding rounds for the company.Crunchbase data shows that NYDIG previously raised $105 million. The growth capital round brings the company’s total funding to $305 million.
What is also interesting are the names that are investing in NYDIG. MassMutual is a repeat investor in the company. Last year, the insurance giant bought bitcoins worth $100 million with the help of NYDIG.
At the same time, MassMutual bought a $5 million - about 5% - stake in NYDIG. New York Life seems to be the second insurance company backing the bitcoin services firm.
A spokesperson for New York Life recently told The Block that the company “does not comment” on general account investments.
NYDIG co-founder and CEO Robert Gutmann previously said that publicly-traded companies, including insurance firms, will buy bitcoin for investment purposes.
Morgan Stanley invests in bitcoin company
Morgan Stanley, a multinational investment bank and financial services company with $715 billion in assets under management (AUM) also participated in the funding round.Last year, the bank’s crypto head Andrew Peel said spoke highly of decentralized finance.
“I would say an evolution of this current momentum in terms of significant interest in the topic will continue through 2021,” said Peel.
Major banks are warming up to bitcoin and the cryptocurrency industry. Investment bank Goldman Sachs recently rebooted its cryptocurrency trading desk amid a boom in the market.
JPMorgan has stated that it will only offer bitcoin trading if there is enough demand for it.
More than partners
Gutmann said the investors are more than investors as the company has known each of them for many years.“NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.”
The company’s partnership with some of the major investment banks as well as insurance companies is an indication that institutions are embracing the young industry.
“These partnerships leave no doubt that institutional adoption of Bitcoin has arrived,” he added.
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