Institutional Asset Manager, Stone Ridge, Buys 10,000 ($115M) Bitcoin as its Treasury Reserve Asset
The $10 billion institutional asset manager has bought 10k BTC worth $115 million as its “primary treasury reserve asset.”
Now, Stone Ridge Holdings Group has jumped on the BTC as a reserve asset train. The investment was based on the thesis that “the long term growth of an open-source monetary system—in assets like bitcoin,” co-founder Robert Gutmann told Forbes.
Its crypto subsidiary NYDIG also announced on Tuesday that it had raised $50 million in funding led by VC fund FinTech Collective along with Bessemer Ventures and Ribbit capital.
Gutmann, who has taken over as co-founder and CEO of NYDIG, also shared that they are seeing “pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year.”
The unprecedented fiscal and monetary stimulus post-COVID-19 pandemic, according to him, will drive more and more people to hedge their investment portfolio with digital assets.