Cryptocurrency investments company NYDIG said Monday it acquired Digital Assets Data, a move that will pad the asset manager's crypto research and analytics offerings for its institutional base.
Digital Asset Data's co-founders, brothers Mike and Ryan Alfred will join NYDIG, the companies said. Ryan will become head of product and Mike will oversee mergers and acquisitions. The terms of the deal were not disclosed.
The acquisition follows a record year growth for NYDIG. In a press release, the firm, which manages over $4 billion in crypto assets, said it increased its clients tenfold in 2020. Pensions, high-net-worth individuals and financial stalwarts contributed to that growth: Insurance giant MassMutual executed a $100 million bitcoin buy through NYDIG in December.
"As the institutionalization of bitcoin accelerates, so does the need for enterprise-grade data and tools to support it," Gutmann said in a press statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.