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Stone Ridge has confirmed that it has 10,000 bitcoins in custody



Stone Ridge Asset Management has confirmed that it has 10,000 bitcoins in custody, which at the current price is equivalent to $ 115 million.

Stone Ridge Asset Management is a company that sells and maintains funds for institutional investors in the United States.

The news, revealed by Forbes, confirms an ongoing trend with large investors betting on bitcoin. This is the case with Fidelity, MicroStrategy and Square, all companies that have recently bought large amounts of bitcoin.

Stone Ridge and Bitcoin

According to Forbes, Stone Ridge began to look at bitcoin with interest when he realized that both his staff and some of his clients were investing in the asset. The company realized that its customers were asking for more.

That is why in 2017 he created New York Digital Investment Group (NYDIG) which initially raised $ 50 million in investments. Recently, he announced not only that it has doubled with an additional $ 50 million, but also the presence of the fund of 10,000 bitcoins of which he is custodian.

This fund is in addition to the others owned by the company, which has assets totaling one billion dollars. Other cryptocurrency assets include XRP, Litecoin, and Bitcoin Cash.

Interestingly, another member of the world of cryptocurrencies, Chris Larsen from Ripple, also admitted that he entrusted Stone Ridge with one of his XRP wallets.

The crypto world enthusiastically received the news of Stone Ridge's Bitcoin fund. For Anthony PomplianoAlong with many other commentators, this shows that today it is a wise choice to diversify investments to include Bitcoin:

Michael Saylor MicroStrategy also wanted to comment, arguing that with the injection of trillions of dollars into the market, which are moving towards Bitcoin, there will be a need for companies like NYDIG.

Bitcoin is tough

The Stone Ridge choice is understandable: Bitcoin is proving to be market resilient. The coronavirus crisis that has sunk financial markets has also hit Bitcoin hard. But BTC has been able to recover, and today it is firmly above $ 10,000 In fact, from March 13, 2020 to date, it has practically tripled in value, from $ 3,900 to nearly $ 12,000 today.

Perhaps it is precisely the low volatility of the last period, together with the stability of the support levels, which is convincing institutional investors that Bitcoin is a reliable asset.

In any case, the Stone Ridge news has not particularly shaken Bitcoin at this point, which is slightly below parity today, with a loss of 0.73% and a price of $ 11,380.


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