Happy Wednesday, Blockfolians
The Bitcoin treasury game keeps getting hotter.
The latest entrant to the space is Stone Ridge Asset Management, who announced:
$50m in new growth funding for their crypto investment and custody subsidiary New York Digital Investments Group
10,000 bitcoin on their balance sheet as their primary reserve asset.
NYDIG is quietly building a monster operation in the institutional bitcoin space:
>$1B assets under management
4x growth in clients in 2020
Recent hires from Goldman Sachs
There’s a lot to like here, not least of which is this is fueling the bitcoin-as-a-corporate-treasury-asset narrative. As Ikigai’s Hans put it, just imagine what this will look like a few years from now.
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Highly Relevant Reading
Filecoin is coming, and will be supported out of the gate by Kraken and Gemini
The Ethereum Foundation has announced a new smart contracting language: Fe
A JPMorgan research note calls Square’s bitcoin buy a ‘strong vote of confidence’
World Economic Forum releases a report on global blockchain standards
You’ve heard many famous 1% allocation recommendations (Chamath, anyone), but 5%? Now that’s something.
It feels like a regulatory reckoning is coming…
A Really Big Number We Should Be Paying Attention To
That’s the size of new investments into Grayscale products in Q3 - a new record bringing the 2020 total to $2.4m