NYDIG, the firm that facilitated MassMutual's $100 million bitcoin buy last year, has raised $200 million from a cadre of big-name investors.
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:
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.