The $10 billion institutional asset manager has bought 10k BTC worth $115 million as its “primary treasury reserve asset.”

Publicly-traded MicroStrategy first started the narrative (twice), then last week, Jack Dorsey’s Square bought $50 million Bitcoin, representing 1% of company assets.

Already 15 public companies have bitcoin in their Treasuries, and several small businesses like Tahini and Snappa have converted their US dollars in the balance sheet with the leading digital asset.

Now, Stone Ridge Holdings Group has jumped on the BTC as a reserve asset train. The investment was based on the thesis that “the long term growth of an open-source monetary system—in assets like bitcoin,” co-founder Robert Gutmann told Forbes.

Its crypto subsidiary NYDIG also announced on Tuesday that it had raised $50 million in funding led by VC fund FinTech Collective along with Bessemer Ventures and Ribbit capital.

NYDIG, which offers prime brokerage and custody services to institutional customers, is among the handful of companies that have obtained New York state’s BitLicense.

Gutmann, who has taken over as co-founder and CEO of NYDIG, also shared that they are seeing “pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year.”

The unprecedented fiscal and monetary stimulus post-COVID-19 pandemic, according to him, will drive more and more people to hedge their investment portfolio with digital assets.

The post Institutional Asset Manager, Stone Ridge, Buys 10,000 (5M) Bitcoin as its Treasury Reserve Asset first appeared on BitcoinExchangeGuide.

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