Asset management giant SRHG spent more than $ 100 million buying Bitcoin

The list of institutional investors investing in Bitcoin continues to be extended. The latest name to join the Bitcoin space is Stone Ridge Holdings Group (SRHG) - a $ 10 billion asset manager, announced on Tuesday that Bitcoin will act as the primary reserve asset of company.

According to a press release, SRHG said it bought more than 10,000 BTC (worth more than $ 100 million) "as part of its treasury research strategy". The purchase of this massive amount of BTC was made by NYDIG - a subsidiary of SRHG.

The news came after similar announcements from Twitter CEO Jack Dorsey's payments company Square and smart business giant MicroStrategy - both of which bought Bitcoin as their primary data source. According to Stone Ridge, the move to buy BTC is a precaution against potential macro constraints in central banks' recent monetary policy.

“With uncontrolled - unsupported - cash printing from global central banks, and increasingly negative real yields, SRHG's more than 10,000 BTC is a key ingredient in the treasury reserve strategy of us, ”commented the company.

This announcement is accompanied by another announcement from NYDIG: A subsidiary of SRHG - which provides investment solutions for the digital asset space, says it has raised $ 50 million "in financing. growth ”to expand its business. NYDIG's investors include other asset managers as well as financial services firms and commercial banks. “Funding comes as NYDIG clients quadrupled this year,” the company revealed in a press release.

“NYDIG's current depository, asset management and financial balances total in excess of $ 1 billion,” the company added.