NYDIG: ‘Do not invest’ in ‘non-Bitcoin’ crypto or DeFi

A report by Ross Stevens, Co-Founder and Executive Chairman of NYDIG, and Greg Cipolaro, Head of Research at NYDIG, caught headlines recently. In the piece, they explain why their company “always has been” and “always will be” a Bitcoin company.

The New York Digital Investment Group LLC, sometimes known as NYDIG, is a company that specializes in investment management. The company provides a variety of services and solutions pertaining to the management, custody, and execution of digital assets.

The report was published on Thursday, November 10, on the NYDIG blog as “Through the Looking Glass: The FTX and Alameda Saga,” in which Stevens’s comment mirrors a paper he co-authored with Nic Carter and Allen Farrington in June 2022:

“I will start with the conclusion: my piece failed. Nothing has changed. DeFi-driven blowups have continued. Therefore, in the strongest possible terms, I repeat, with humility: do not invest in non-Bitcoin crypto. Do not invest in non-Bitcoin DeFi. This is why NYDIG is a bitcoin company. Always has been, always will be.”

NYDIG is ‘a subsidiary of Stone Ridge’

They see NYDIG as “a subsidiary of Stone Ridge, a holding company that has led the creation of forward-thinking firms across the worlds of technology and finance, including a $13B+ alternatives asset manager.”

Earlier, NYDIG announced “the promotion of executives Tejas Shah and Nate Conrad to the roles of CEO and President, respectively” in a news statement which was published on October 3, 2022. The company has elevated two of its company leaders, Tejas Shah and Nate Conrad, to the roles of chief executive officer and president, respectively. As a direct result of these promotions, both the former CEO, Robert Gutmann, and the president, Yan Zhao, had chosen to resign from their positions.

It is noteworthy that NYDIG has raised several hundreds of millions of dollars for its institutional Bitcoin (BTC) fund, however, the company has recently announced that it will be laying off 33 percent of its workforce.