NYDIG raises $720 million as Bitcoin balance hits all-time high

SEC filing reveals NYDIG plans to raise $720 million, while recent press release shows company's commitment to HODLing.

The bear market hasn't deterred one of Bitcoin's (BTC) biggest bulls. Balances at the New York Digital Investment Group, or NYDIG, hit record highs in the third quarter of this year. Additionally, a U.S. Securities and Exchange (SEC) filing could reveal the group's intention to add more Bitcoin to its balance sheet.

According to a press release, NYDIG's Bitcoin balances are "up nearly 100% year-over-year, and revenue is up 130% through Q2, with another increase when the company closes its accounts in the third quarter. The HODL company is using more Bitcoin than ever despite Bitcoin continuing to fall further and further during 2022.

In addition, according to an amended filing with the SEC, the group has raised $720 million for its institutional Bitcoin fund. Fifty-nine investors contributed an average of more than $12 million each to the capital raise.

The filing says the SEC "has not necessarily reviewed the information contained in this filing and has not determined whether it is accurate and complete."

NYDIG offers cold storage solutions to institutional investors and high net worth individuals. Describing itself as a "Bitcoin company", the group has suffered several exchange-traded fund rejections by the SEC.

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