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Asset Manager NYDIG Raises $5M for Third Bitcoin Fund in 2020
NYDIG has set up another bitcoin fund, raising $5 million from accredited investors but it's unclear what differentiates this one from its previous funds.
By Paddy Baker
Updated Sep 14, 2021, 9:42 a.m. Published Aug 12, 2020, 9:32 a.m.
New York Digital Investments Group (NYDIG) has raised just under $5 million for yet another bitcoin investment vehicle.
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- 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
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