The Bitcoin (BTC) investment firm NYDIG says it raised nearly $720 million for its profitable company, despite the bear market.
According to a new filing with the United States Securities and Exchange (SEC), NYDIG raised $719,990,866 in funds from 59 different unnamed investors for its registered Institutional Bitcoin Fund.
The filing notes that the SEC may not have reviewed the contents of the document for its accuracy.
According to a press release, NYDIG’s Bitcoin investments are profitable.
“NYDIG’s Bitcoin balances hit all-time highs in Q3, up almost 100% year-over-year, and revenue is up 130% through Q2, with another increase when the firm closes its books on Q3.”
The company also announced a leadership change with the promotion of current executives Tejas Shah to CEO and Nate Conrad to president. They will focus on the company’s investment in its mining services for North American miners and in increasing adoption of the Lightning Network for crypto wallets and global payments.
Says Shah,
“NYDIG’s best-in-class cold storage custody solution remains the foundation for everything we do, from our innovative capital and credit intermediation solutions to our dominant position servicing the miners securing the Bitcoin network. Now it’s time for Lightning. We are excited to deliver next-generation wallet and payment solutions – faster, cheaper, safer – to our expanding set of enterprise technology clients.”
Outgoing CEO Robert Gutmann will remain with NYDIG’s parent company Stone Ridge Holdings Group.
Says Gutmann,
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven Bitcoin, and revenue, to NYDIG the last 12 months.”
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