On Tuesday (October 13), Stone Ridge Holdings Group LP (also known as “Stone Ridge” or SRHG), announced that it has bought over 10,000 BTC (currently, worth over $100 million) “as part of its treasury reserve strategy.”
This news follows the announcements from MicroStrategy Inc. on September 15 that it had “purchased 38,250 bitcoins at an aggregate purchase price of $425 million” and from Twitter, Inc. on October 8 that it had “purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million.”
SRHG says in its press release that this purchase was executed by and is custodied at its digital asset subsidiary New York Digital Investment Group LLC (NYDIG).
Robert Gutmann, co-founder and CEO of NYDIG, said:
“As Bitcoin transitions to a predominantly institutionally-owned asset, NYDIG is better positioned than ever to be the leading provider of Bitcoin solutions to corporations, institutions, and banks.
“NYDIG grew out of the core capabilities we developed in 2017 to manage Stone Ridge Holdings Group’s investment and treasury holdings in Bitcoin, and today we serve our clients with the same platform.
“We are proud to have facilitated one of the largest commitments of treasury assets to Bitcoin announced to date, and see demand for our full suite of corporate treasury and investment solutions accelerating.”
Ross Stevens, founder of SRHG and founder and Executive Chairman of NYDIG, had this to say:
“We started NYDIG in 2017 because Bitcoin is an accelerant to the Stone Ridge mission of Financial Security for All. I view Bitcoin as a border-agnostic, uniting force for good. Bitcoin can propel global citizens that opt in towards a brighter, and fairer, financial future.
“From an investment perspective, we’ve long viewed Bitcoin as superior to cash. And now with unchecked – and unbacked – global paper money printing and real yields increasingly negative, SRHG’s more than 10,000 BTC are the principal component of our treasury reserve strategy.
“NYDIG’s corporate treasury solutions will be invaluable to other companies as they follow suit adopting the Bitcoin Standard for part or most of their treasury strategy. As the Fed’s balance sheet has increased $3 trillion since the beginning of 2019, the U.S. dollar has depreciated 70% against BTC.”
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