Unchained Capital, a bitcoin financial services firm, raised $25 million in Series A funding led by crypto-asset management heavyweight NYDIG and its parent company, Stone Ridge Holdings.
- Existing investors including Ecliptic Capital, Starting Line and TVP Bitcoin Venture Fund also participated in the equity round, according to an announcement Friday.
- NYDIG, in addition to the investment, made an incremental lending commitment of $100 million, for a total $150 million.
- Unchained focuses solely on bitcoin.
- "Historically, there has been a lack of investment in bitcoin-dedicated infrastructure, often in favor of platforms supporting many digital currencies, but Unchained Capital expects this raise to be the first of a growing trend of bitcoin-only businesses attracting capital investment at the scale which has long been deserved," Parker Lewis, head of business development at Unchained, said.
- Unchained and NYDIG also plan to offer collaborative custody services in which both hold private keys with the intention of encouraging more financial institutions to do the same.
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 offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.