As of Oct. 3, New York-based digital investment group NYDIG said it had raised $720 million for its institutional bitcoin fund, according to filings with the US Securities and Exchange Commission.

Only 59 investors contributed, each contributing more than $12 million to the financing on average, suggesting that these were wealthy individuals or companies.

The number is the largest since the peak of institutional investors in or around December 2020, when they bought around $1 billion worth of bitcoin each week.

According to the press release, NYDIG’s bitcoin balances “increased nearly 100% year over year, with revenue up 130% in Q2.”

NYDIG stated that “While Bitcoin continues to trade lower throughout 2022, the company holds more Bitcoin than ever.”

The filing emphasizes that the SEC did not necessarily review the information in the filing in determining its accuracy and completeness.

NYDIG, in particular, is promoting cooperation among institutional investors. According to the firm’s forecast, the firm expects its assets under management (AUM) for institutional investors to exceed $25 billion as many corporate buyers turn to the firm for their bitcoin investment needs.

It is reported that NYDIG is a subsidiary of Stone Ride Holdings and has a long-term cooperative relationship with traditional financial institutions.

According to a September SEC filing, Stone Ridge said it expects to liquidate the bitcoin futures fund next month, on October 21, and as of November 3, the fund’s shares will not be available for purchase. The adviser will reduce the Fund’s holdings to cash in preparation for the settlement date. Proceeds from the liquidation of the fund are expected to be distributed to shareholders in the form of cash.

The proceeds of the liquidation are expected to be distributed immediately after the liquidation date to fully redeem each shareholder’s fund shares.

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