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[THE BLOCK] $10 billion money manager parks $100 million of treasury into bitcoin

The Block

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.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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