NYDIG Raises $1B to Expand Institutional Bitcoin Services

Key Takeaways

• NYDIG has raised $1 billion in a funding round led by WestCap.
• The funding round puts the firm’s valuation at $7 billion.
• The capital will be used to develop new institutional Bitcoin products.

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Bitcoin firm NYDIG has raised $1 billion in a funding round led by WestCap. 

NYDIG Hits $7B Valuation

NYDIG just announced crypto’s latest mega raise.

The New York-based Bitcoin firm revealed it had closed a $1 billion funding round led by WestCap today. NYDIG is the crypto subsidiary of Stone Ridge, a fund with over $10 billion in assets under management.  

The raise also saw participation from several other major names in the finance world, including Bessemer Venture Partners, FinTech Collective, Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life. 

Discussing the raise, NYDIG CEO and co-founder Robert Gutmann said:

“Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible and useful to all.”

NYDIG previously raised $200 million in a March funding round. The $1 billion sum puts the firm’s valuation at $7 billion. 

In a press release, NYDIG reported that the newly-raised capital would be used to develop new institutional software services around Bitcoin. The note details how it plans to design products that will incorporate smart contracts, asset tokenization, and payments on Bitcoin’s Lightning Network. The funds will also be used to make new hires. 

NYDIG is a key player in the Bitcoin services market, allowing institutions to gain exposure to the top cryptocurrency in a fully regulated manner. The firm offers a proprietary full-stack solution for corporations, banks, and high net worth investors. Notably, it does not operate a retail business.  

Its existing offerings include Bitcoin-focused software services in asset management, trading, custody, data analytics, AML/KYC, and accounting. It also offers a Bitcoin Rewards Card in partnership with a fintech firm called Upgrade. 

NYDIG has been active across various pursuits focused on increasing crypto adoption over the last year. In December 2020, the firm helped 150-year-old financial giant Mass Mutual allocate $100 million into Bitcoin. Following that, it collaborated with digital payment firm NCR on a mobile app for 650 U.S. banking clients to buy cryptocurrencies. 

Disclaimer: The author held ETH and other cryptocurrencies at the time of writing.

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