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Blog

NYDIG Raises $100 Million, Details Bitcoin-Powered Insurance Strategy

NYDIG has announced a $100 million raise of growth capital with strategic partnerships and hires for a bitcoin-powered insurance strategy.

In an April 8, 2021 release, NYDIG, the bitcoin-focused investment subsidiary of Stone Ridge, announced a $100 million raise of growth capital.

Among the list of partners for this fundraise are Starr, Liberty Mutual Insurance, and other property and casualty insurers, joining NYDIG’s existing partnership with New York’s MassMutual. This marks notable investment in a bitcoin-focused group by traditionally conservative companies.

NYDIG also announced that Mike Sapnar, the CEO of major reinsurer TransRE, would become its global head of insurance solutions and oversee all NYDIG insurance activities. Sapnar will be joined by NYDIG U.S. Head of Insurance Solutions Matt Carey, who will be “focused on bitcoin-powered solutions for U.S.-based life insurance and annuity providers,” per the announcement.

“The global property and casualty (P&C) industry is huge, paying out over $1 trillion in claims annually,” said Robert Gutmann, cofounder and CEO of NYDIG, said in the release. “I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance.”

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