NYDIG and ARK investments remain dedicated to crypto despite the struggles of 2022

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(Kitco News) – New York Digital Investment Group (NYDIG) appears unfazed by 2022’s widespread withdrawal in cryptocurrencies, as a recent report released by the company indicates that its crypto balances reached a new record high during the third quarter.

“NYDIG’s Bitcoin balances hit all-time highs in Q3, up nearly 100% year-over-year, and revenues are up 130% through Q2, with another increase as the firm closes its books in Q3,” the company wrote in its news release.

In addition, a new filing with the US Securities and Exchange Commission (SEC) shows that NYDIG Institutional Bitcoin Fund LP has raised a total of $719.9 million to date from 59 investors, with just over $28 million in investments since the previous fundraising. in 2021 when total investments reached $691 million.

The filing states that the SEC “has not necessarily reviewed the information in this filing and has not determined whether it is accurate and complete.”

NYDIG describes itself as a “Bitcoin company” offering cold storage solutions to institutional investors and high net worth individuals. The company is also focused on facilitating the adoption of the Lightning Network (LN), a layer-two scaling solution for Bitcoin.

“Now is the time for Lightning,” NYDIG’s new CEO Tejas Shah said in the press release. “We’re excited to deliver next-generation wallet and payment solutions—faster, cheaper, safer—to our expanding set of enterprise technology customers.”

This emphasis on developing the Lightning Network is becoming a popular focus for firms interested in the crypto space, with business intelligence firm MicroStrategy recently posting jobs for LN developers.

Ark Invest partners with Eaglebrook to increase access to its crypto funds

Cathie Wood’s investment company, ARK Investment Management LLC, has announced a new partnership with separately managed account (SMA) provider Eaglebrook Advisors to make the two ARK crypto funds available to registered investment advisors.

“Together, ARK and Eaglebrook make the ARK Cryptocurrency Strategy and the ARK Cryptoasset Strategy, two actively managed crypto strategies, available as separately managed accounts to clients of registered investment advisors,” the press release said.

The ‘Cryptocurrency Strategy’ portfolio is an “actively managed high conviction portfolio invested primarily in Bitcoin and Ether.”

ARK’s Cryptoasset strategy is designed to leverage internet and financial revolutions by actively managing 10-20 tokens “that represent opportunities relevant to major themes identified by ARK, including Smart Contract Networks, Decentralized Finance, Web3 and Infrastructure & Scaling.”

“The strategies will be separately managed accounts (SMAs) designed to meet the needs of financial advisors, wealth managers and their clients by offering direct ownership, low minimums and portfolio reporting integration among other benefits,” according to Cathie Wood, ARK’s founder. , CEO and CIO. “Advisors can differentiate themselves and add to a client’s diversification by adding this new asset class to their portfolios.”