Do Not Invest in Non-Bitcoin Crypto: NYDIG's Ross Stevens on FTX

NYDIG has consistently passed on opportunities to partner with the likes of FTX, as well as Three Arrows, BlockFi, Celsius and others of their ilk, said the chairman.

AccessTimeIconNov 11, 2022 at 4:14 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

"Life is too short to do anything other than partner with people you like, trust and would be ferociously proud to be together with in a foxhole when the bullets are flying," said NYDIG founder and Chairman Ross Stevens, explaining why his company has no exposure to the now-bankrupt FTX crypto exchange.

In an essay titled, "Through the Looking Glass," Stevens took note of a number of red flags, which had NYDIG over the years passing on numerous "opportunities" to "partner" with not just FTX but also failed platforms Three Arrows Capital, Celsius Network and others. "When you cannot satisfy yourself with straightforward answers to straightforward questions such as 'how do you make money,'" he wrote, "run, do not walk away."

NYDIG, said Stevens, will remain a bitcoin company. He advised his readers not to invest in crypto other than bitcoin or in decentralized finance (DeFi) not based on the Bitcoin blockchain.

"Bitcoin cares about [now-former FTX CEO] Sam Bankman-Fried or [Binance CEO] Changpeng Zhao or me or you as much as gravity does," concluded Stevens. "Every 10 minutes a new Bitcoin block was produced. Every 10 minutes. Every 10 minutes."


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; 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.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about