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Bitcoin trading and custody services provider NYDIG announced Monday that it has raised $200 million in a growth capital round.

The round was led by Stone Ridge Holdings Group — NYDIG’s parent company — Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments.

NYDIG’s previous lead investors Bessemer Venture Partners and FinTech Collective also participated in the round, said NYDIG.

MassMutual is also a repeat investor in NYDIG. Last December, NYDIG helped MassMutual acquire $100 million worth of bitcoin for its general investment account, and at the time, the insurance firm also acquired a $5 million stake in NYDIG.

New York Life appears to be the second insurance company backing NYDIG. It is not clear whether the company has also invested in bitcoin via NYDIG. A spokesperson of the company recently told The Block: “New York Life does not comment on its General Account investments.”

But NYDIG today said that life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure facilitated by NYDIG and held on its custody platform.

Earlier this year, NYDIG co-founder and CEO Robert Gutmann told The Block that he believes publicly-traded companies, including insurance firms, will invest in bitcoin. These companies have a “fiduciary duty to consider whether holding 100% of your assets in dollars is in the best interest of your shareholders,” according to Gutmann.

The growth capital round brings NYDIG’s total funding to date to $305 million. The firm has previously raised a total of $105 million, according to Crunchbase.

Gutmann today said the growth capital round’s investors are partners for the firm. “NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy,” he said.

NYDIG appears to be on a growth streak. In January, the firm acquired Digital Assets Data to expand its data capabilities. Last month, NYDIG filed a bitcoin exchange-traded fund (ETF) application with the U.S. Securities and Exchange Commission.

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