As per the latest reports, New York Digital Investment Group (NYDIG) has made an announcement in regards to carrying out a funding round. NYDIG is prominently known as a major financial institution that has been providing its services mainly in Bitcoin (BTC).
NYDIG has been providing its services in different spaces that involve Bitcoin. These spaces include 401(k)s, trading brokerages, and savings accounts. The firm has announced that it has successfully carried out a funding round.
NYDIG has revealed that from the funding round, it has managed to generate funds worth $1 billion. According to NYDIG, it was the equity investment that helped it generate the funds. The particular funding round for New York Digital Investment Group was led by WestCap. Following the investment funding round, NYDIG’s overall valuation is now close to $7 billion.
Over the course of time, NYDIG has gained a lot of popularity and recognition among mainstream and institutional investors. Since its launch, it has helped several major institutions carry out purchases for Bitcoin.
It was back in 2020 when a firm named Stone Ridge acquired the help of NYDIG in order to carry out a huge purchase for Bitcoin. Stone Ridge is a major asset manager worth $10 billion that acquired a total of 10,000 Bitcoin back in 2020 and it did it through NYDIG.
In addition to the mainstream firms, NYDIG is also aiming to bring Bitcoin to several banks in the United States as well as credit unions. It has been confirmed that in total, NYDIG is aiming to exposure 650 traditional financial and credit unions to Bitcoin.
Through the banks and credit unions, NYDIG is set to target over 18 million customers who will gain access to BTC-related services and investments. In order to achieve its goal, NYDIG has been carrying out several funding rounds. This way, the firm will have generated several funds to back and expedite such projects for the adoption of Bitcoin.
It was back in March of 2021 when NYDIG had carried out a funding round that brought in $200 million. Followed by the March funding round was the April funding round that brought in $200 million for NYDIG.
Apart from traditional investment firms, NYDIG is also looking forward to bringing the sports sector onboard. NYDIG is achieving this by forming several strategic partnerships. One of the most recent partnerships carried out by NYDIG with a sports company is with Houston Rockets from NBA.
It is expected that NYDIG’s efforts to bring more exposure to Bitcoin will finally pay off. It is being expected that Bitcoin price may surge tremendously in the upcoming months, helping it hit all-time highs again.