NYDIG Banks $150 Million for Two Bitcoin Funds

Two investors alone topped up one fund with $50 million.

The New York Digital Investments Group (NYDIG) has raised $150 million for two of its cryptocurrency funds, bringing more institutions to the digital currency economy.

In two separate filings with the US Securities and Exchange Commission (SEC), the fund manager revealed that it received $50 million for NYDIG Digital Assets Fund I and another $100 million for NYDIG Digital Assets Fund II.

Those $50 million sums came in from only two heavy-weight investors.

The crypto fund manager operates multiple funds and received hundreds of millions from investors, becoming one of the largest Bitcoin fund managers.

The new proceeds came in only months after NYDIG revealed that it received $190 million for another Bitcoin fund managed by it, all the investments came from wealthy investors and institutions. Additionally, it received $140 million for the Bitcoin Yield Enhancement Fund. However, it was not clear if the two funds are separate or tied.

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Though the constituents of the funds are not out in the public domain, Coindesk reported that the NYDIG Digital Assets Fund I invests only in Bitcoin. Though, the strategies of NYDIG with the second fund is not known.

NYDIG spun out of Stone Ridge Asset Management in 2017 and started to manage cryptocurrency funds on its own. It received the BitLicense from the New York regulators after hiring the mastermind behind the notorious license.

Bitcoin Is No Longer a Bubble

Investors and institutions have started to pour money into Bitcoin funds, spurring a rally of the digital currency towards a record. Celebrities and billionaires alike have joined in this crypto rally. Most recently, a Mexican billionaire revealed that he diversified his ‘liquid’ portfolio with a 10 percent Bitcoin investment.

Meanwhile, other crypto fund managers are also expanding their portfolio. Mike Novogratz-owned Galaxy Digital, which operates multiple Bitcoin funds, is pushing to list another fund publicly in Canada.

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