NYDIG Raises $190 Million For Bitcoin Fund, Reports SEC

July 4, 2020      Jyoti Singh

A report released by the Securities and Exchange Commission (SEC) notified that recently the New York Digital Investment Group (NYDIG) has raised $190 million for Bitcoin fund. SEC further states that it appears that the soon the group would be the part of the biggest institutional hoarders of Bitcoin in the US.

NYDIG Dabbles In Various Bitcoin-Based Funds

Since the year 2018, NYDIG has been dabbling in different Bitcoin-based funds, the first fund, it jumped onto was Pooled investment fund, which now is popular as the Institutional Digital Asset Fund.

Initially, the Pooled investment fund did not disclose its essential assets but then also it managed to raise $31 million.

Later, the fund as rebranded to ‘NYDIG Institutional Bitcoin Fund LP’ which recently has raised $190 million.

In May 2020, just one week before the Bitcoin halving, NYDIG jumped onto another fund which is the Bitcoin-centric stash. That fund is popularly known as ‘NYDIG Bitcoin Yield Enhancement Fund LP’ which has raised around $140 million.

However, people still have questions regarding NYDIG Bitcoin Yield Enhancement Fund LP and the Institutional Digital Asset Fund, because they have confusion whether these funds are the same or not.

Grayscale Raises $3.5 Billion In Bitcoin

It is to be noted that if both the funds are separate then NYDIG would be the part of those companies in the US who are among one of the biggest institutional investors in Bitcoin.

Another Bitcoin fund managed by NYDIG is NYDIG Bitcoin Strategy Fund, which initially invested in Bitcoin futures contracts. Although it is unknown how much does this fund hold, in December 2019, NYDIG tried to raise $25 million.

In recent time, it appears that institutions are getting more interested in Bitcoin. On July 03, digital asset manager Grayscale Investments claimed that it holds over $3.5 billion in Bitcoin. Since after the halving, which happened in May 2020, Grayscale has been purchasing Bitcoin rapidly.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.