Three years ago, the founders of the $10 billion Stone Ridge Asset Management had a problem. Several of the advisory firm’s founders and senior employees were buying bitcoin at such a rate it became obvious the purchases needed to be looked at more closely by the firm’s auditors. As word got out that Stone Ridge’s staff was personally investing in bitcoin at such a scale the firm’s clients increasingly wanted to express the same thesis.
The problem was, Stone Ridge needed a way to turn the dollars they wanted to invest into bitcoin, and to safely store that cryptocurrency once they had it. And since they were personally invested in bitcoin, they needed to do all that in a way that not only satisfied their clients, auditors and regulators, but themselves.
By 2017, that vision had evolved into the New York Digital Investment Group , the first Stone Ridge subsidiary that isn’t wholly owned by the parent company. That year, the firm quietly raised $50 million in a previously unannounced investment and set about building a spinoff that served the new breed of institutional investors increasingly seeking their services.
Behind the sudden burst of activity is none other than the Covid-19 pandemic. As businesses around the world closed up shop as part of quarantine or sought help from their governments, central banks tried to offset the drop in activity by injecting billions of dollars into their economies. While unemployment increased, markets stayed surprisingly stable, resulting in a sense of impending collapse, says Gutmann, speaking in his first interview since taking over as co-founder and CEO of NYDIG.
Based in New York, NYDIG spent the $50 million it raised in 2017 to build out the execution and custody services they would need to manage a rafter of custom bitcoin funds, and to acquire two cryptocurrency-specific licenses. The first license, a BitLicense from the state of New York is used by the NYDIG Execution subsidiary to convert dollars into cryptocurrency and back again.
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