Digital Assets: New $190M Bitcoin Fund Subscribed by 24 Unnamed Investors
Asset manager New York Digital Investments Group (NYDIG) announced the funding Tuesday.
The NYDIG Institutional Bitcoin Fund LP filed documents with the SEC to disclose its closure of a $190 million bitcoin fund. It said it has 24 investors but did not disclose their identities. (Forbes)
According to the fund’s filing, its date of the first sale of the securities was October 26, 2018.
NYDIG’s second bitcoin closure in as many months
In May, NYDIG announced another fund, the NYDIG Bitcoin Yield Enhancement Fund LP, had raised nearly $140 million. The fund started the sale of securities on May 5.
Taken together, the two funds, aggregating $330 million, make NYDIG a very big institutional investor in bitcoin.
The other very big institutional player in bitcoin is Grayscale Investments. Coin telegraph reported last week that the firm has purchased almost half a billion dollars in Bitcoin since the May block reward halving.
With recent purchases, the amount of bitcoins Grayscale is holding is almost 400,000. As of June 25, the company said it had $4.1 billion in assets under management.
At the current rate, it is estimated that it will own 3.4% of the world’s BTC supply by January 2021.
Rising institutional interest in crypto
A recent survey report of institutions by Fidelity Digital Assets said that 60% of respondents believed they should invest in digital assets and that a third had already invested in them.
“These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class,” said Tom Jessop, president of Fidelity Digital Assets at the time. “This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions.”
Meanwhile, there are reports that PayPal and Venmo may offer the buying and selling of bitcoin – an indication of the growing adoption of cryptocurrencies.
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