NYDIG
NYDIG is a Bitcoin company in the Custody category, founded in 2017 by Ross Stevens (Goldman Sachs, founder of Stone Ridge Holdings).
The Idea
Institutional-grade Bitcoin financial services, custody, execution, financing, and mining infrastructure, built by and for traditional finance. A subsidiary of Stone Ridge, a $10B+ alternative asset manager.
Early Traction
When MassMutual (a 175-year-old insurance company) bought $100M in Bitcoin through NYDIG, it was a landmark moment for institutional adoption.
Peak Stats
$7B valuation. Partnered with hundreds of banks to offer Bitcoin services to their customers.
Status Today
Active. Refocused after 2022 downturn, and poor ASIC collateralized loans, with layoffs reducing headcount. Continues to operate custody and institutional services.
Why It Matters
NYDIG represented the most direct bridge between traditional Wall Street and Bitcoin. Ross Stevens, with his Goldman pedigree and Chicago PhD, spoke the language that pension funds and insurance companies understood.