NYDIG Raises $720M for Institutional Bitcoin Fund | News

New York Digital Investment Group (NYDIG) has raised $720 million from 59 investors for its Institutional Bitcoin Fund, Trustnodes reports, citing a regulatory filing.

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It is unclear when exactly the New York-based firm plans to start accumulating the largest by market capitalization cryptocurrency. Amid reports, NYDIG also promoted executives Tejas Shah and Nate Conrad to the roles of CEO and President, respectively.

NYDIG added in a press release that the changes come as its bitcoin balances hit all-time highs in Q3, up almost 100% year-over-year, and revenue is up 130% through Q2, with another increase when the firm closes its books on Q3.

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