Stone Ridge Asset Management, which has $13 billion in assets under its management, recently bought Bitcoin for $115 million under the auspices of its subsidiary, New York Digital Investors Group.
According to official statements, Stone Ridge bought 10,000 Bitcoins as part of a Treasury Reserve strategy similar to MicroStrategy. Its subsidiary NYDIG will provide control of these Bitcoins.
Stone Ridge founder Ross Stevens made the following statement:
We started nydig in 2017. The biggest reason for this was the Bitcoin. Because the desire for financial security is a big part of Stone Ridge’s mission. I see bitcoin as an independent and unifying force. Bitcoin can encourage global citizens who prefer a brighter and fairer financial future.
MicroStrategy CEO Michael J. Echoing Saylor’s remarks, Stevens said the company “has long considered Bitcoin superior to cash.”
NYDIG CEO Robert Gutmann said::
We are proud to own Bitcoin, one of the largest treasury assets ever announced. We are also seeing a growing demand for all of our corporate treasury and investment solutions.
In 2017, NYDIG raised $50 million to create a patronage solution for managing private Bitcoin funds and to purchase BitLicence and a New York state Limited Trust contract to hold Bitcoin for its investors.
As you know, MicroStrategy bought Bitcoin worth a total of $425 million last month as part of its Treasury Reserve strategy. Chief Executive Saylor explained that the decision was a result of the company’s two-pronged approach to capital allocation.
We see bitcoin’s global adoption, brand recognition, ecosystem viability, network dominance, architectural flexibility, technical utility, and community ethics as evidence of its superiority as an asset class for those looking for a long-term store of value.
Last week, Square‘s acquisition of Bitcoin helped the fintech company outperform PayPal shares, boosting its stock.
