Crypto Services Firm NYDIG Sees Bitcoin Holdings & Revenues Grow
Despite a crypto winter this year, NYDIG announced in a recent news release that their Bitcoin holdings are up nearly 100% year on year while revenues have gone up 130% through Q2. Despite Bitcoin’s downturn in 2022, the firm that offers institutional investors and high-net-worth individuals cold storage custody solutions, is even holding more Bitcoin than ever before. Business is good for the firm as it guides global banking institutions into the adoption of Bitcoin and other cryptocurrencies.
Ross Stevens, Founder and Executive Chairman of NYDIG, commented:
“When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG the last 12 months. Even during the height of the crypto frenzy in H2 2021, our risk management discipline kept us entirely away from DeFi, centralized lending platforms, and the uncollateralized lending market.”
Furthermore, NYDIG has raised $720 million for its institutional Bitcoin fund, according to an updated SEC filing. The financing was funded by 59 investors, each of whom contributed more than $12 million.
The SEC has “not necessarily examined the material in this filing and has not determined if it is true and complete,” according to the filing.
NYDIG, which describes itself as a “Bitcoin company,” has had a couple of exchange-traded fund applications rejected by the SEC.
Bitcoin Lightning Capacity Has Grown 4x in a Year
In the latest press statement, NYDIG has emphasized its advocacy for Bitcoin and continued drive for Bitcoin adoption. It highlighted aa renewed focus on the Lightning Network, declaring that “Now it’s time for Lightning.”
The Bitcoin Lightning Network keeps growing its capacity and is currently at 5,000 BTC compared to 4,0000 BTC a few months ago. Put into perspective, at time of the last bull run in June 2021, the Bitcoin Lightning capacity was around 1,200 BTC. The use of the flagship cryptocurrency for payment has in effect quadrupled in roughly a year’s times, with more and more Bitcoin joining the Lightning Network payment channels worldwide.
Recently, business software intelligence firm MicroStrategy started recruiting for Lightning Network Software Engineer to establish a Lightning Network (LN) SaaS platform.
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Source: igaming
