Asset Manager NYDIG Raises $5M for Third Bitcoin Fund in 2020

New York Digital Investments Group (NYDIG) has raised just under $5 million for yet another bitcoin investment vehicle.

• The Manhattan-based asset manager informed the Securities and Exchange Commission (SEC) Monday it had raised funds for its new NYDIG Bitcoin Fund in a private placement.
• Per its Form D filing, 56 investors have now committed to the fund but NYDIG has not disclosed the fund's net asset value.
• The Bitcoin Fund, which will allocate combined commits into a series of investments, launched in July 2019 with six investors who invested a total of $1.45 million at the time.
• The $5 million is just the initial raise and the fund is still open to additional commits.
• The SEC counts private placements as exempt offerings as securities aren't publicly available and are generally only sold to accredited investors.
• NYDIG has held a New York BitLicense since 2018. Benjamin Lawsky, the BitLicense's architect, joined the company nearly a year before.
• Monday's raise will be the third securities offering NYDIG has held this year.
• The asset manager raised $190 million for a similarly named NYDIG Institutional Bitcoin Fund LP in July, and $140 million for a Bitcoin Yield Enhancement Fund the month before.
• It's unclear what differentiates the funds from one another.

See also: Standard Chartered to Launch Institutional Crypto Custody Solution