NYDIG raises $100 million from a single investor for its new crypto fund

Cryptocurrency • December 2, 2020, 3:45AM EST
UPDATED: December 2, 2020, 4:01AM EST
Ricardo Santos for The Block

Crypto asset manager NYDIG has raised $100 million from a single investor for its new fund — Digital Assets Fund II.

The detail was revealed in a form filed by NYDIG with the U.S. Securities and Exchange Commission on Tuesday. The new fund's strategy remains unclear, although NYDIG mainly invests in bitcoin and other digital assets.

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The raise comes shortly after NYDIG netted $50 million for its Digital Assets Fund I in November. Fund I collected the amount from just two investors, and it reportedly only invests in bitcoin.

Given both funds' size and the limited number of investors, it appears that NYDIG is attracting investments from high net-worth institutional clients, possibly corporates and banks.

Founded in 2017, NYDIG is a subsidiary of Stone Ridge Holdings, an asset manager with more than $10 billion worth of assets. NYDIG itself manages $1 billion worth of assets across its suite of products, including custody, execution, and asset management. In October, NYDIG raised an additional $50 million in "growth equity funding" to expand its business.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.