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1.27%Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG
NYDIG, the firm that facilitated MassMutual's $100 million bitcoin buy last year, has raised $200 million from a cadre of big-name investors.
By Zack Seward
Updated May 9, 2023, 3:16 a.m. Published Mar 8, 2021, 1:59 p.m.
NYDIG, the firm that facilitated MassMutual's $100 million bitcoin buy last year, has raised $200 million from a cadre of big-name investors.
STORY CONTINUES BELOW
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The round included Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management and FS Investments, NYDIG announced Monday. Past investors Bessemer Venture Partners and FinTech Collective also participated.
"The firms participating in this round are more than investors – they are partners, each well known to us for years," Robert Gutmann, co-founder and CEO of NYDIG, said in a press statement. "NYDIG will be working with these firms on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy and philanthropy."
NYDIG burst onto the scene in December as the firm that got an 169-year-old insurance institution to embrace bitcoin in full. MassMutual took a $5 million equity stake in NYDIG at the time.
The firm has since become a key player in catalyzing Wall Street's embrace of the original cryptocurrency. Just last month, Gutmann said NYDIG will likely manage over $25 billion in bitcoin on behalf of clients by the end of 2021.
In Monday's announcement, Gutmann offered a tease of sorts:
"In the months and quarters ahead, look out for an explosion of innovation in bitcoin products and services delivered by NYDIG, in partnership with our new investors."
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
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