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Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm
Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch “an explosion of innovation in bitcoin products and services.”
Major Companies Want Bitcoin Exposure
Major corporations and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin, the group announced Monday. According to the announcement:
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North American Purpose Bitcoin ETF Now Holds Over 11,000 Bitcoin (BTC) Valued at More than Half a Billion Dollars
The
North American Purpose Bitcoin ETF, which was introduced last month, has reportedly seen huge demand, as over $165 million in trading volume was recorded (as of February 19, 2021).
The new ETF is the first Bitcoin exchange-traded fund (ETF) in North America. It now holds more than 11,000 Bitcoins (an amount valued at around $550 million which is roughly 700 million CAD at the time of writing).
An ETF researcher noted that the rise in interest in these products indicates that there’s a lot of potential or pent-up demand. The Bitcoin price has also surged dramatically, which could lead to more investors looking for new crypto investment and trading products.