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NYDIG Acquires Digital Assets Data
The acquisition bolsters NYDIG's data offerings as it continues to build out an institutional client base.
By Danny Nelson
Updated May 9, 2023, 3:14 a.m. Published Jan 11, 2021, 7:25 p.m. 1 min read
Cryptocurrency investments company NYDIG said Monday it acquired Digital Assets Data, a move that will pad the asset manager's crypto research and analytics offerings for its institutional base.
Digital Asset Data's co-founders, brothers Mike and Ryan Alfred will join NYDIG, the companies said. Ryan will become head of product and Mike will oversee mergers and acquisitions. The terms of the deal were not disclosed.
The acquisition follows a record year growth for NYDIG. In a press release, the firm, which manages over $4 billion in crypto assets, said it increased its clients tenfold in 2020. Pensions, high-net-worth individuals and financial stalwarts contributed to that growth: Insurance giant MassMutual executed a $100 million bitcoin buy through NYDIG in December.
"As the institutionalization of bitcoin accelerates, so does the need for enterprise-grade data and tools to support it," Gutmann said in a press statement.
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Cantor Fitzgerald has been appointed to help with the sale, according to sources.
What to know:
- The crypto custody firm is weighing a $500 million sale, according to sources.
- The jewel in Copper’s crown is the ClearLoop in-custody settlement system, which caters to dozens of institutional firms.
- Copper closed its enterprise custody business in 2023 to focus on ClearLoop
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