The New York Digital Investments Group (NYDIG) has raised $190 million for a bitcoin fund called the NYDIG Institutional Bitcoin Fund LP, according to a filing with the Securities and Exchange Commission disclosing it.

The bitcoin fund has 24 unnamed investors and was originally registered with the Securities and Exchange Commission in 2018. It originally raised $31 million from three investors, and in 2019 it raised an additional $54 million from six other investors. The fund has grown to $190 million since.

Notably, the NYDIG made headlines back in Mat after closing a $140 million fund called the Bitcoin Yield Enhancement Fund. The filing did not reveal a lot of details about the new fund and, as such, Forbes reports it’s unclear whether the funds are different

If they are indeed different, then the NYDIG has become one of the largest institutional investors in the cryptocurrency space in the United States, with a total of $330 million invested in bitcoin across both funds.

Whether the new fund is a rebrand or not is further complicated by a recent name change, as the NYDIG Institutional Bitcoin Fund was previously called the NYDIG Institutional Digital Asset Fund. The asset manager did not disclose the new fund’s proposed net asset value, or any other details.

The New York-based asset manager also operates another bitcoin fund, called the NYDIG Bitcoin Strategy Fund. It’s a portfolio fund in the Stone Ridge Trusts VI and invests in cash-settled bitcoin futures contracts with the CME. The current size of the fund is unknown.

The NYDIG is a holder of the coveted BitLicense from the New York State Department of Financial Services (NYDFS), which makes it a regulated entity in the state. The former financial regulator who create the BitLicense in 2015, Benjamin Lawsky, joined the fund manager last year, 11 months before it received the license.

Even if the new fund is a rebrand, NYDIG is a new major institutional player in the cryptocurrency space. Institutional investing in the space has so far been dominated by Grayscale Investments, which has over $4 billion worth of assets under management.

Earlier this year, it’s worth noting, 3iQ announced the listing of a $14 million closed-end fund that gives investors exposure to bitcoin on the Toronto Stock Exchange (TSX).

Featured image via Pixabay.