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New York-Based Asset Manager Closes $190M Round for Bitcoin Institutional Fund
This is NYDIG's second raise for a bitcoin fund this year.
By Paddy Baker
Updated May 9, 2023, 3:09 a.m. Published Jul 1, 2020, 10:47 a.m.
New York Digital Investments Group (NYDIG) raised $190 million from 24 investors for another bitcoin fund.
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- The round of funding for the NYDIG Institututional Bitcoin Fund was disclosed to the Securities and Exchange Commission (SEC) Tuesday.
- NYDIG started raising for the Bitcoin Fund in 2018, according to the disclosure filing.
- The New York-based asset manager did not disclose the fund's proposed net asset value or any other details.
- Last month, NYDIG raised $140 million for a similar investment vehicle, the Bitcoin Yield Enhancement Fund.
- The asset manager has held a New York BitLicense since 2018.
- Benjamin Lawsky, the former financial regulator who created New York’s BitLicense in 2015, joined NYDIG nearly a year before the bitcoin fund manager applied for, and received, that license.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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