NYDIG Sold $140M in A Previously Unknown Bitcoin Fund Last Week, Just Days Ahead of The BTC Halving

New York Digital Investment Group (NYDIG) revealed this week that it sold just shy of $140 million in a bitcoin fund, that was previously unknown.

It became public after the fund was revealed in a Form D filing for an exemption to the US SEC on Tuesday, reported Forbes.

Formerly named NYDIG Bitcoin Yield Enhancement Fund LP, this pooled investment fund started selling on May 5 with a number of investors contributing to the capital raise.

Back in November 2018, NYDIG’s subsidiary, NYDIG Execution received BitLicense allowing it to legally operate a crypto-related business — be a crypto custodian for five cryptos viz. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC), and to conduct money transmissions.

Interestingly, BitLicense was created by Ben Lawsky who had ties with Stone Ridge Asset Management, an advisor to NYDIG’s Bitcoin Strategy Fund. Lawsky also sits on the Board of Directors of Ripple, San Francisco-based fintech company.

In December, Bitcoin Strategy Fund received a green light from the SEC to offer the shares of its new bitcoin fund to institutional investors. This was a portfolio fund in the Stone Ridge Trust VI for cash-settled futures contracts.

Lawsky, the “Sheriff of Wall Street,” as he has been referred too after he issued close to $6 billion in fines to institutions while he was New York State's Superintendent of Financial Services from May 2011 to June 2015.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide