The bear market has not deterred one of Bitcoin’s (BTC) biggest bulls. The balance sheets of the New York Digital Investment Group, or NYDIG, hit record highs in the third quarter of this year. In addition, a request to the Securities and Exchange Commission (SEC) of the United States could reveal the intention of the group to add more Bitcoin to its balance.
According to a press release, NYDIG’s Bitcoin balances “are up nearly 100% year-over-year, and revenue is up 130% through Q2, with another increase when the company closes its books in Q3.” . The company owns more Bitcoin than ever despite Bitcoin continuing to slide lower and lower over the course of 2022.
In addition, according to an amended application filed with the SEC, the group has raised $720 million for its institutional Bitcoin fund. Fifty-nine investors contributed an average of more than $12 million each to the fundraising.
The statement states that the SEC “has not necessarily reviewed the information in this filing and has not determined whether it is accurate and complete.”
NYDIG offers cold custody solutions to institutional investors and high net worth individuals. Describing itself as a “Bitcoin company,” the group has endured several rejections of exchange-traded funds by the SEC.
The group continues to promote all aspects of Bitcoin adoption, and has recently allowed participating businesses to receive salaries in Bitcoin. The recent press release highlighted a new emphasis on the Lightning Network, stating “Now is the time for Lightning.”
NYDIG’s move to promote the development of the Lightning Network follows that of business intelligence company Microstrategy. Michael Saylor, CEO of the group, recently announced job openings for Lightning Network developers.
The news was accompanied by a change in NYDIG’s management. Tejas Shah and Nate Conrad assume the roles of CEO and President, respectively, as outgoing CEO Robert Gutmann and outgoing Chairman Yan Zhao step down but remain with Stone Ridge Holdings Group, the parent company of NYDIG.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.