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Stone Ridge Calls Its $114M in Bitcoin 'Primary Treasury Reserve Asset'; NYDIG Unit Raises $50M
NYDIG raised the $50 million from FinTech Collective, Bessemer Ventures and Ribbit Capital.
By Danny Nelson
Updated Sep 14, 2021, 10:08 a.m. Published Oct 13, 2020, 3:19 p.m.
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Stone Ridge Holdings Group is stashing 10,000 BTC with the institutional asset manager's crypto subsidiary NYDIG, which on Tuesday announced it raised an additional $50 million in funding.
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- The private firm called bitcoin its new "primary treasury reserve asset" in a statement shared with CoinDesk. That language was first adopted by publicly traded MicroStrategy.
- VC fund FinTech Collective led the NYDIG raise with participation from Bessemer Ventures and Ribbit Capital, Forbes reported.
- NYDIG is one of a handful of companies to wield New York state's BitLicense. It maintains a series of multi-million dollar crypto funds and offers prime brokerage and custody services to institutional clients.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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