Another giant investment fund emerges in the bitcoin market and invest in bitcoins
Ross Stevens explained how much money institutional companies will invest in bitcoins through NYDIG.
New York Digital Investment Group (NYDIG) will invest at least $25 billion of clients’ money in bitcoins by the end of the year, Ross Stevens, founder and head of Stone Ridge Asset Management, the organization that owns NYDIG, made this statement. Stevens stated:
“I just looked at our order book, and I see that it’s coming down to the point where our clients intend to buy bitcoins for that amount.”
As a reminder, the largest investment fund in the bitcoin market is Grayscale, which invests billions of dollars of its clients in bitcoins and other digital assets.
MicroStrategy head Michael Saylor commented on Stevens’ statement, noting that he was “shocked” by the amount of money NYDIG intends to invest in bitcoin. It has been learned that NYDIG will soon be ready to invest several billion dollars in bitcoins, which is the amount of purchase orders will match the requests from the organization’s clients. NYDIG currently has about $6 billion invested in bitcoins.
Stevens said that last year they had 25 institutional companies that wanted to buy bitcoins, and now that number has exceeded 280 organizations:
“What we’re seeing is that classic companies of very different kinds are starting to get involved in the bitcoin world: publicly traded companies, private businesses, hedge investment fund, management companies, credit funds.”
We’re talking about U.S. insurance companies: “Our clients have invested at least $500 million in bitcoin through the purchase of NYDIG units, and I believe the process of buying such digital assets from a number of U.S. insurers is just beginning.”
He said the number of companies that become NYDIG customers looking to buy bitcoins increases by an average of 75 entities each month. He also noted that ordinary Americans are also investing in digital assets: $2 billion has already been invested in bitcoins through management companies that have joined NYDIG.
