NYDIG, the New York-based crypto investment firm, has secured another $100 million just one month after announcing a $200 million fundraise.
The additional cash comes from strategic partners, including insurance firms Starr Insurance, Liberty Mutual Insurance and other property and casualty-focused insurers. They join life insurance and annuity-focused firms New York Life and MassMutual as backers of the firm.
The $200 million raise, announced in early March, was led by NYDIG’s parent company Stone Ridge Holdings Group, alongside Morgan Stanley, New York Life, MassMutual, Soros Fund Management and FS Investments.
NYDIG was spun out of Stone Ridge, an alternative asset manager, in 2017. The company builds bitcoin-focused investment and custody products for institutional investors. It is fast approaching $6 billion in assets under management, and recently teamed up with Morgan Stanley to offer bitcoin funds to the bank’s high net worth clients.
NYDIG also announced that Mike Sapnar, president and CEO of TransRe, will be joining the company as global head of insurance solutions, helping accelerating “bitcoin-driven innovation” in the global property and casualty industry.
“Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year,” said Ross Stevens, CEO of Stone Ridge and executive chairman of NYDIG, in a statement.
“With the addition of Mike Sapnar, a trusted partner for years, and now with Starr, Liberty Mutual, New York Life, and MassMutual as shareholders of NYDIG, we will be working tirelessly to enable new bitcoin-denominated products for global insureds,” he continued.