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Company bets on long term growth of bitcoin

Stone Ridge Asset Management, a $10 billion investment fund headquartered in New York, USA, revealed that it has purchased 10,000 bitcoins (about $115 million) to form a reserve fund. The information is from Forbes.

According to the site, the revelation was part of the announcement on Friday (09) about the capture of US$ 50 million by its subsidiary, New York Digital Investment Group (NYDIG).

According to the site, the NYDIG manager is guarding the Bitcoin Billionaire of its parent company.

First investments in bitcoin

Three years ago the founders of the fund had a problem – high-ranking employees were buying bitcoin, says the article.
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However, adherence to cryptomeda would not be a complication, but rather the price they were paying. That made the auditors follow more closely such actions.

When the news spread, wrote Forbes, Stone Ridge’s team drew the customers‘ attention. Robert Guttmann, co-founder of the company, justified the decision as follows:

„[We have] a belief in the long-term growth of an open source monetary system – in assets like bitcoin.

According to the article, Stone Ridge’s next step then would be to create a solution to turn dollars into bitcoin that anyone willing to invest in cryptomeda and store them safely.

And that’s what happened. According to Forbes, instead of just customizing customer portfolios, Stone Ridge took a step that was classified as extraordinary.

The company created execution and custody tools from scratch and started a new source of revenue by executing cryptomoeda purchases and then managing the cryptoactives.

In addition, NYDIG has a BitLicense in New York State for its ‚NYDIG Trust‘ product, a highly coveted authorization by fund managers.
Bitcoin in the pandemic

For Gutmann, who is also CEO of NYDIG, the economic scenario built by the coronavirus pandemic has contributed to the increase in investors.

„The scenario has caused many people to review his portfolio. We have seen an acceleration since March this year,“ he told Forbes.

However, says the site, although the more than $100 million in bitcoins, few NYDIG’s customers are from the general public; most are middle to high income people.

Last month, for instance, Ripple?s president, Chris Larsen, revealed that he has changed one of his XRP portfolios to the custodian.

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