NYDIG raises $720 million for Institutional Bitcoin Fund as BTC balance rises 100% YoY in Q3

Institutional investment has been a critical component of the crypto market as this cohort has supported the bearish and bullish markets. Leaning further into it is the New York Digital Investment Group (NYDIG), which announced some of its Bitcoin developments this week while keeping some others in the shadows.

NYDIG making profits

In a press release on October 3, the company announced that NYDIG's Bitcoin holdings hit their all-time high during the third quarter of 2022. This rise marks a 100% yYear- over- yYear growth in the BTC balances.

The company's revenue also increased by 130% through the second quarter, with further growth expected by the close of the book in Q3.

In the same press release, NYDIG also iterated on its plans going forward, stating the focus will be on,

"...accelerating NYDIG's investment in its industry-leading Mining Solutions franchise serving the largest North American miners and in its platform technology business, helping banks and non-bank enterprises utilize the Lightning Network for next-generation wallets and global payments."

The statement from the company came merely days after NYDIG filed its new investment product with the SEC.

NYDIG digs deeper

Although not announced publicly, the filing dated September 29 noted NYDIG raising almost $720 million through the sale of its new product. Filed as a "Pooled Investment Fund," the NYDIG Institutional Bitcoin Fund LP included investments from about 59 investors. 

The filing came at a time when Bitcoin is still struggling to reclaim the lost support of $20,000 as bearish pressure continues to keep it subdued at $19,627.

As noted on the Relative Strength Index (RSI), the buying pressure over the month of September maintained a gradual incline. This is expected to continue throughout October as well, which could push the prices a little higherup.