Asset Manager NYDIG Raises $5M for Third Bitcoin Fund in 2020

Aug 12, 2020 at 09:32 UTCUpdated Aug 12, 2020 at 13:45 UTC

New York City’s Financial District (Brandon Jacoby/Unsplash)

New York Digital Investments Group (NYDIG) has raised just under $5 million for yet another bitcoin investment vehicle.

The Manhattan-based asset manager informed the Securities and Exchange Commission (SEC) Monday it had raised funds for its new NYDIG Bitcoin Fund in a private placement.
Per its Form D filing, 56 investors have now committed to the fund but NYDIG has not disclosed the fund’s net asset value.
The Bitcoin Fund, which will allocate combined commits into a series of investments, launched in July 2019 with six investors who invested a total of $1.45 million at the time.
The $5 million is just the initial raise and the fund is still open to additional commits.
The SEC counts private placements as exempt offerings as securities aren’t publicly available and are generally only sold to accredited investors.
NYDIG has held a New York BitLicense since 2018. Benjamin Lawsky, the BitLicense’s architect, joined the company nearly a year before.
Monday’s raise will be the third securities offering NYDIG has held this year.
The asset manager raised $190 million for a similarly named NYDIG Institutional Bitcoin Fund LP in July, and $140 million for a Bitcoin Yield Enhancement Fund the month before.
It’s unclear what differentiates the funds from one another.

See also: Standard Chartered to Launch Institutional Crypto Custody Solution

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