• NYDIG Bitcoin balance has hit an all-time high of almost 100% year-over-year
  • CEO Robert Gutmann and President Yan Zhao stepped down from their positions
  • Executives Tejas Shah and Nate Conrad were promoted to the roles of CEO and President

The New York Digital Investment Group (NYDIG) has successfully raised $720 million for its new Institutional Bitcoin Fund, confirming a filing with the United States Securities and Exchange Commission (SEC) published last week.

The funds have been raised from 59 investors who remain unnamed, and the filing does not reveal when the firm plans to end the funding as well. Additionally, the SEC filing confirms that the financial authority has "not necessarily reviewed the information in this filing and has not determined if it is accurate and complete."

Interestingly, NYDIG ranks among one of the biggest crypto firms in the world, and it announced its Bitcoin Fund in 2018 when it was originally named "Institutional Digital Asset Fund." In June 2020, the firm raised around $190 million for the Bitcoin Fund, as per an SEC filing.

In October 2020, the firm officially confirmed purchasing around 10,000 Bitcoins which were worth $115 million at the time as a part of its treasury reserves. This turned NYDIG into one of the biggest holders of Bitcoin around the globe in 2020.

"I view Bitcoin as a border-agnostic, uniting force for good. Bitcoin can propel global citizens that opt in towards a brighter, and fairer, financial future. From an investment perspective, we've long viewed Bitcoin as superior to cash," Ross Stevens, founder of SRHG and founder and Executive Chairman of NYDIG, said at the time of purchase.

In December 2021, NYDIG announced raising $1 billion at a valuation of $7 billion in a funding round led by growth equity firm WestCap in which Morgan Stanley, MassMutual and other major firms also participated.

Additionally, as per a statement from NYDIG on Monday, CEO Robert Gutmann and President Yan Zhao stepped down while executives Tejas Shah and Nate Conrad were promoted to the roles of CEO and President, respectively. Meanwhile, the firm's bitcoin balances hit all-time highs in Q3, up almost 100% year-over-year, and revenue is up 130% through Q2 despite a bearish market prevailing.

Bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris