New York Digital Investment Group (NYDIG), a Bitcoin technology, and investment solution provider have raised $200 million from key strategic partners that involved its parent company StoneRidge Capitals, Morgan Stanley, New York Life, MassMutual, and a few others.

.@NYDIG_BTC raises a round of $200m from Morgan Stanley, New York Life, MassMutual, Soros Fund Management, FS Investments, Bessemer Partners, and Fintech Collective. https://t.co/kzRnpiHfUZ

— Saifedean.com (@saifedean) March 8, 2021

Robert Gutmann, co-founder and CEO of NYDIG, said,

“The firms participating in this round are more than investors – they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.

These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards. “

NYDIG is known for offering institutional clients focused Bitcoin products and solutions, where it has played a key role in helping traditional investors to get exposure to Bitcoin. As of now, life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure facilitated exclusively by NYDIG, and held on NYDIG’s secure, audited, and insured institutional custody platform. The growing market of NYDIG is also a clear hint of the huge potential that Bitcoin holds for the insurance industry.

NYDIG Also in Race to Launch a Bitcoin ETF

Apart from its advanced institutional Bitcoin products the firm is also in the race to launch the USA’s first regulated Bitcoin ETF among others. The asset management firm filed for the Bitcoin ETF with the SEC on February 16. Till now VanEck, Galaxy Digital, and a few other firms have applied for Bitcoin-based Exchange funds, and many hope that the SEC would change its previous stance looking at the growing institutional demand and Canadian ETF being a great success.

The new Biden administration-led SEC and other regulatory bodies are also expected to pass crypto-friendly regulations as the world’s focus on digital assets rises.