New York Digital Investments Group (NYDIG) has raised just under $5 million for yet another bitcoin investment vehicle.
- The Manhattan-based asset manager informed the Securities and Exchange Commission (SEC) Monday it had raised funds for its new NYDIG Bitcoin Fund in a private placement.
- Per its Form D filing, 56 investors have now committed to the fund but NYDIG has not disclosed the fund's net asset value.
- The Bitcoin Fund, which will allocate combined commits into a series of investments, launched in July 2019 with six investors who invested a total of $1.45 million at the time.
- The $5 million is just the initial raise and the fund is still open to additional commits.
- The SEC counts private placements as exempt offerings as securities aren't publicly available and are generally only sold to accredited investors.
- NYDIG has held a New York BitLicense since 2018. Benjamin Lawsky, the BitLicense's architect, joined the company nearly a year before.
- Monday's raise will be the third securities offering NYDIG has held this year.
- The asset manager raised $190 million for a similarly named NYDIG Institutional Bitcoin Fund LP in July, and $140 million for a Bitcoin Yield Enhancement Fund the month before.
- It's unclear what differentiates the funds from one another.
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.