Total amount raised
$1.4 Billions
Latest funding date
12/01/2021
Location
NYDIG has successfully raised significant funding over multiple rounds, establishing itself as a key player in the Bitcoin and financial services industry. The firm offers a comprehensive platform that includes asset management, derivatives, financing, custody, and execution services.
Keep reading to explore the intricacies of NYDIG's fundraising journey and the investors backing this innovative platform.
What Is NYDIG?
NYDIG, founded in 2017 by Robert Gutmann and Ross Stevens, is headquartered in New York, New York. The company specializes in Bitcoin and financial services, offering a comprehensive platform that includes asset management, derivatives, financing, custody, and execution services.
With a focus on the intersection of Bitcoin and power infrastructure, NYDIG aims to advance the global economy through innovation in these areas. Their vertically-integrated approach supports Bitcoin’s proof-of-work security and leverages low-cost energy for productive uses.
NYDIG employs between 101 and 250 people, providing institutional-grade spot and derivatives trading, structuring, and financing services through their proprietary platform. The firm meets high regulatory, audit, and governance standards.
How Much Funding Has NYDIG Raised?
- Series A
- Amount Raised: $50M
- Date: July 2017
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of NYDIG's Bitcoin financial services platform.
- Private Equity Round
- Amount Raised: $50M
- Date: October 2020
- Lead Investors: FinTech Collective
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand NYDIG's service offerings and enhance its Bitcoin platform.
- Corporate Round
- Amount Raised: $5M
- Date: December 2020
- Lead Investors: MassMutual
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop NYDIG's Bitcoin financial services.
- Private Equity Round
- Amount Raised: $200M
- Date: March 2021
- Lead Investors: FS Investments, MassMutual, Morgan Stanley, New York Life Insurance, Soros Fund Management, Stone Ridge Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and technology development.
- Corporate Round
- Amount Raised: $100M
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance NYDIG's Bitcoin platform and expand its market reach.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: First Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support NYDIG's ongoing projects and platform enhancements.
- Private Equity Round
- Amount Raised: $1B
- Date: December 2021
- Lead Investors: WestCap
- Valuation at Round: $7B
- Motivation Behind the Round: To further develop NYDIG's institutional-grade Bitcoin platform with capabilities such as Bitcoin and Lightning payments, asset tokenization, and smart contracts.
Total Amount Raised: $1.405B
Current Valuation: $7B
Key Investors
- WestCap
- Details: WestCap is a growth equity firm that invests in technology-enabled companies. They led the recent $1 billion funding round for NYDIG.
- Investment Focus Areas: Technology-enabled companies.
- Notable Investments: Airbnb, iCapital Network.
- MassMutual
- Details: MassMutual is a mutual life insurance company that offers a range of financial products and services. They have been a strategic partner and existing investor in NYDIG.
- Investment Focus Areas: Insurance, financial services.
- Notable Investments: Haven Life, ValoraLife.
- Morgan Stanley
- Details: Morgan Stanley is a global financial services firm providing investment banking, securities, wealth management, and investment management services. They have participated in multiple funding rounds for NYDIG.
- Investment Focus Areas: Investment banking, securities, wealth management, investment management.
- Notable Investments: Facebook, Alibaba.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. They have been a previous lead investor in NYDIG.
- Investment Focus Areas: Early-stage companies, technology, healthcare, financial services.
- Notable Investments: LinkedIn, Shopify.
- FinTech Collective
- Details: FinTech Collective is a venture capital firm that focuses on investing in financial technology companies. They have been a previous lead investor in NYDIG.
- Investment Focus Areas: Financial technology.
- Notable Investments: MoneyLion, Quovo.
What's Next for NYDIG?
NYDIG stands at the cusp of significant opportunities, driven by its recent $1 billion funding round and a valuation of $7 billion. The firm is poised to expand its institutional-grade Bitcoin platform, integrating advanced features like Lightning payments, asset tokenization, and smart contracts. With plans to bring Bitcoin trading to 18 million US banking customers and over 650 banks and credit unions, the potential market size is substantial.
Future fundraising opportunities appear promising, given the strong institutional interest and strategic partnerships with major financial players. NYDIG's ability to attract additional equity rounds will likely support further technological advancements and market expansion. However, the company may face challenges such as regulatory scrutiny, competition from other cryptocurrency firms, and the inherent volatility of the crypto market.
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