NYDIG
NYDIG is a U.S.United StatesThe United States is a federal country in North America made up of 50 states, the District of Columbia as the seat of government, and territories such as Puerto Rico and Guam; its capital is Washington, D.C. The Continental Congress adopted the Declaration of Independence on July 4, 1776. The 2020 census (April 1, 2020) counted a resident population of 331,449,281, and the 435 seats of the House of Representatives are apportioned among the states on the basis of the census.Open the full entry power, computing-infrastructure and bitcoin company founded in 2017 within Stone Ridge Holdings GroupStone Ridge Holdings GroupStone Ridge Holdings Group (SRHG) is a financial-services holding group founded in 2012. Its operating companies include Stone Ridge Asset Management, NYDIG and Longtail Re, spanning asset management, reinsurance, and power and computing infrastructure.Open the full entry. It developed institutional digital-asset custody, trading and financing services and focused on power, mining and HPC data centers after selling its institutional trading business to BitGoBitGoBitGo is an American digital asset custody and infrastructure company founded in 2013 by Mike Belshe. It offers custody, wallets, staking, trading, financing, stablecoin and settlement services, and its subsidiary BitGo Bank & Trust, National Association, is a national trust bank regulated by the Office of the Comptroller of the Currency. The company listed on the New York Stock Exchange under the ticker BTGO in January 2026 and is the custodian and infrastructure provider for World Liberty Financial’s USD1 stablecoin.Open the full entry in 2026.
Contents9 sections
Key facts
2017founding and relationship with Stone Ridge
Ross Stevens founded NYDIG in 2017 within Stone Ridge Holdings Group and serves as executive chairman. Robert Gutmann was a co-founder and former CEO. Investor Bessemer Venture Partners wrote in 2020 that NYDIG originated when Stone Ridge could not find a suitable digital-asset custodian and developed institutional custody, execution and prime-brokerage services.[1][2][3]
2018New York approvals and regulated entities
On November 14, 2018, the New York State Department of Financial Services approved virtual-currency and money-transmission licenses for NYDIG Execution LLC and authorized NYDIG Trust Company LLC to operate as a limited-purpose trust company, covering digital-asset custody and execution services.[4]
NYDIG’s regulatory disclosures distinguish the group from its operating entities: NYDIG Trust Company LLC holds a New York limited-purpose trust charter, while NYDIG Execution LLC holds a BitLicense and money-transmission license. The disclosures state that New York Digital Investment Group LLC itself is not overseen by a regulator.[5]
2020–2021equity financing
On October 13, 2020, Bessemer Venture Partners announced a $50 million growth-equity raise for NYDIG. On March 8, 2021, NYDIG announced $200 million in growth capital involving Stone Ridge, Morgan StanleyMorgan StanleyMorgan Stanley is an American global financial services firm that grew from an investment banking partnership into a publicly traded financial group spanning investment banking, securities trading, wealth management, and investment management.Open the full entry, New York Life, MassMutual, Soros Fund ManagementSoros Fund ManagementSoros Fund Management is a U.S. asset manager founded by George Soros in 1970 and headquartered in New York. It operates as a family office and serves as the principal asset manager for Open Society Foundations, investing across equity, credit and macro strategies.Open the full entry, FS Investments, Bessemer and FinTech Collective.[6][1]
On April 8, 2021, NYDIG announced another $100 million from investors including Starr Insurance and Liberty Mutual and an insurance-solutions business led by Mike Sapnar. On December 14, it announced a $1 billion growth-equity round led by WestCap at a valuation above $7 billion, with Bessemer, FinTech Collective, AffirmAffirmU.S. pay-over-time and financial technology company offering purchase financing, cards and related payment services to consumers and merchants.Open the full entry, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life participating.[7][8]
2021acquisition of Bottlepay
On November 1, 2021, NYDIG announced its acquisition of bitcoin-payments app Bottlepay to integrate Lightning Network infrastructure; it had previously invested in Bottlepay’s seed round. The announcement did not disclose financial terms. The Block reported on October 29, citing people familiar with the matter, that the stock-funded transaction was worth approximately $280 million to $300 million; NYDIG declined to comment.[3][9]
2022management changes
On October 3, 2022, NYDIG promoted Tejas Shah to CEO and Nate Conrad to president. They previously led institutional finance and payments, respectively. Outgoing CEO Robert Gutmann and president Yan Zhao remained at parent Stone Ridge, and Gutmann retained a NYDIG board seat.[10]
2025agreement to acquire Crusoe’s mining business
On March 25, 2025, NYDIG announced a definitive agreement to acquire Crusoe’s bitcoin-mining operations, including more than 270 MW of generation technology and the associated team. The announcement described over 20 sites in seven U.S. states and an Argentine joint venture. The companies planned continued cooperation combining Crusoe’s AI-data-center expertise with NYDIG’s securitization and financing capabilities. Closing remained subject to regulatory approvals and customary consents.[11]
2026sale of institutional trading and focus on power and compute
On August 27, 2026, BitGo announced that it had signed and completed the acquisition of NYDIG’s institutional trading business and related assets. Approximately 30 NYDIG employees and institutional trading relationships moved to BitGo. NYDIG would focus on power generation, bitcoin mining and HPC data-center development. The announcement described a pipeline above 3 GW, with more than 1 GW deliverable in 2027 and 2028.[12]
Power, compute and management
As described on its website in November 2026, NYDIG operates power assets, high-density colocation infrastructure for HPC and AI training and inference, and bitcoin-mining facilities. Its model combines natural-gas supply, generation and grid access, data centers and computing, with natural-gas resources from affiliate Stone Ridge Energy.[13]
The website’s leadership roster at that time included founder and executive chairman Ross Stevens, CEO Tejas Shah, CFO John Dalby, head of power and data centers Josh Burandt, and head of construction Garry Fife.[2]
Sources
- Out of stealth: NYDIG raises a $50 million growth equity round (opens in a new window)
- About NYDIG (opens in a new window)
- NYDIG Announces Acquisition of Bitcoin Payments App Bottlepay (opens in a new window)
- NYDIG Execution gets New York BitLicense (opens in a new window)
- NYDIG’s State Licenses and Consumer Disclosures (opens in a new window)
- NYDIG Raises $200 Million from Strategic Partners (opens in a new window)
- NYDIG Raises $100 Million from Strategic Partners Including Starr, Liberty Mutual Insurance, and Other P&C Insurers; Launches Global Insurance Solutions Business under Mike Sapnar (opens in a new window)
- NYDIG Announces $1 Billion Funding Round (opens in a new window)
- NYDIG acquires British bitcoin startup Bottlepay in $300 million stock purchase (opens in a new window)
- NYDIG Promotes Leaders Amidst Record Bitcoin Balances (opens in a new window)
- NYDIG Expands Technology Capabilities with Acquisition of Crusoe’s Bitcoin Mining Business (opens in a new window)
- BitGo Acquires NYDIG’s Institutional Trading Business, Expanding Derivatives and Financing Capabilities (opens in a new window)
- Power & High Performance Compute (opens in a new window)