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NYDIG Expects to Hold $25B in Bitcoin for Institutional Clients by Year End
CEO Stevens said NYDIG's institutional order books are looking bullish for the year.
Stone Ridge Asset Management's bitcoin spinoff firm – NYDIG – already has enough institutional buy orders lined up to push its bitcoin (BTC) holdings over $25 billion by the end of 2021, according to CEO Ross Stevens.
STORY CONTINUES BELOW
- "I am confident we'll have over $25 billion of bitcoin [by EOY 2021]. I just got this order book. I'm not guessing, I see what's happening," Stevens told MicroStrategy CEO Michael Saylor Tuesday.
- NYDIG currently manages $6 billion in bitcoin for its 280 institutional clients, with at least 96 more waiting in the wings, Stevens said. He said NYDIG can onboard at least 75 a month.
- "I didn't realize there were so many institutions moving so aggressively into this space," Saylor said. He has personally shepherded over $1 billion in bitcoin buys for MicroStrategy this year.
- Stevens delivered the first bitcoin-focused talk of MicroStrategy's annual World.Now conference.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
