Bitcoin Investment Firm NYDIG Raised $720M for Digital Asset Fund, CEO Gutmann Departs

President Yan Zhao is also leaving. Both will remain part of NYDIG's parent firm, Stone Ridge Holdings, to serve across its full portfolio.

AccessTimeIconOct 3, 2022 at 11:06 a.m. UTC
Updated May 11, 2023 at 6:50 p.m. UTC

Bitcoin investment company NYDIG raised $720 million for its institutional digital asset fund a few days before its CEO Robert Gutmann said he was leaving the company.

NYDIG raised the funds from 59 investors, at an average contribution of $12 million, the firm said in a filing with the U.S. Securities and Exchange Commission (SEC) last week.

  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Could the Upcoming Bitcoin Conference Move Markets?
    00:34
    Could the Upcoming Bitcoin Conference Move Markets?
  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • The investment firm's president Yan Zhao also left the company along with Gutmann. Gutmann and Zhao will remain at Stone Ridge Holdings, the parent firm of NYDIG, which they co-founded with Executive Chairman Ross Stevens.

    NYDIG has promoted executives Tejas Shah and Nate Conrad to be its new CEO and president, respectively, according to an announcement on Monday. Shah and Conrad previously served as global head of institutional finance and global head of payments, respectively.

    "I'm proud of everything we've accomplished so far, and I cannot wait to see what the incredible NYDIG team will achieve in the coming years and decades," said Gutmann.

    The press release did not give a reason for the changes.

    As CEO and president, Shah and Conrad will focus on accelerating investments in NYDIG's mining franchise and furthering institutional bitcoin adoption through helping firms harness the Lightning Network, a scaling system designed to increase the speed of sending and receiving bitcoin payments.

    UPDATE (Oct. 4, 12:00 UTC): Reworks headline and lede.

    UPDATE (Oct. 3, 12:27 UTC): Adds last paragraph on $720 million raise for digital asset fund.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Read more about