$10 billion money manager parks $100 million of treasury into bitcoin


The list of firms purchasing bitcoin on their balance sheet continues to grow. The latest addition is the $10 billion asset manager Stone Ridge Holdings Group, which announced Tuesday that bitcoin would serve as its primary treasury reserve asset. 

According to a press release, the firm said that it purchased more than 10,000 bitcoin (worth over $100 million) "as part of its treasury research strategy." The purchase was facilitated by NYDIG, a subsidiary of Stone Ridge.

The news follows similar announcements by Jack Dorsey's Square and Virginia-based technology company MicroStrategy, which both acquired bitcoin as part of their respective treasury strategies. According to Stone Ridge, it made the purchase as a hedge against the potential macro drawbacks of recent monetary policy by central bankers. 

"And now with unchecked — and unbacked — global paper money printing and real yields increasingly negative, SRHG's more than 10,000 BTC are the principal component of our treasury reserve strategy," the firm stated.

The announcement was paired with one from NYDIG: The subsidiary, which provides investment solutions for the digital asset space, said it has raised $50 million in "growth equity funding" to expand its business. NYDIG's investors include other asset managers as well as financial services companies and commercial banks. "The funding comes amidst a quadrupling in NYDIG clients this year," the firm said in a press release.

"NYDIG's current custody, asset management, and financing balances exceed $1 billion in aggregate," the release added.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC