Bitcoin fund launched by NYDIG has raised nearly $17 million to date

Bitcoin fund launched by NYDIG has raised nearly $17 million to date

A bitcoin fund created by investment services firm NYDIG has raised nearly $17 million to date.

NYDIG Bitcoin Fund LP, which made its first sale in July 2019, has raised $16.95 million from a total of 121 investors, according to a Securities and Exchange Commission filing from September 17. The prior filing, published last October, showed a total of $4.95 million in sales.

At least some of the total amount may have been raised thanks to a deal announced in August between NYDIG and a broker-dealer firm owned by insurance company MassMutual.

"Select [MML Investors Services] financial professionals will offer qualifying clients access to the fund, which provides an alternative and efficient way to invest in bitcoin," the company said at the time. MMLIS is named in the latest filing for NYDIG Bitcoin Fund LP, which states that the broker-dealer "will receive certain placement and servicing fees with respect to clients it refers to the issuer."

MassMutual bought $100 million in bitcoin last December. The insurance company is also an equity investor in NYDIG.

Source