The bear market has not stopped one of the biggest Bitcoin (BTC) bulls. The balance sheets of the New York Digital Investment Group, or NYDIG, reached an all-time high in the third quarter of this year. Additionally, the SEC filing could reveal the group’s intent to add more bitcoin to its balance sheet.
According to a press release, NYDIG’s bitcoin balance sheet “up nearly 100% year-over-year, with revenue up 130% in the second quarter, with a further increase when the company closed its books in the third quarter.” HODL uses bitcoin more than ever, even though bitcoin will continue to fall until 2022.
What’s more, the group has raised $720 million for an institutional bitcoin fund, according to amended SEC filings. 59 investors with an average income of more than $12 million each contributed to the increase.
The document states that the Securities and Exchange Commission “has not necessarily verified the information in this document and has not determined whether it is accurate or complete.”
NYDIG provides cold storage solutions to institutional investors and high net worth individuals. The group describes itself as a “bitcoin company” and has withstood numerous ETF rejections by the SEC.
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The group continues to promote all aspects of bitcoin adoption, recently allowing employees of member companies to be paid in bitcoin. The latest press release highlighted a new confirmation on the Lightning Network that said, “It’s time for Lightning.”
NYDIG’s move to advance the development of the Lightning Network followed that of business intelligence firm MicroStrategy. Michael Saylor, CEO of the group, recently posted a job opening for LN developers.
This news shocked NYDIG management. Tejas Shah and Nate Conrad serve as CEO and President respectively, while outgoing CEO Robert Guttman and outgoing President Yang Zhao are stepping down but remain with NYDIG’s parent company Stone Ridge Holdings Group.
