New York-based asset managers Stone Ridge confirms 10k Bitcoin ($115 million) holding in its treasury.
Stone Ridge purchased the Bitcoin via subsidiary firm New York Digital Investment Group (NYDIG), one of the few companies with a BitLicense issued by the New York State Department of Financial Services (NYSDFS).
Stone Ridge becomes the latest high profile corporation to announce a move into Bitcoin.
MicroStrategy broke the internet last month when it announced a change in its treasury policy to include Bitcoin. To date, it has converted $425 million of cash into BTC.
Not to be outdone, Jack Dorsey’s Square soon followed. They announced spending $50 million in making the switch.
The U.S Economy is on the Ropes
It doesn’t take a genius to know that the macroeconomic picture looks bleak. In response to the downturn, the Federal Reserve has come out, all guns blazing, by adding a total of $3 trillion to the money supply.
At the start of 2020,