What NYDIG does

NYDIG is a vertically-integrated bitcoin and power firm founded in 2017 by Ross Stevens and headquartered in New York City. It operates two core franchises: Power & Bitcoin Mining, which runs at-scale mining operations across North America leveraging low-cost hydropower, stranded natural gas, and other energy sources through the affiliated Stone Ridge Energy franchise (over 10 GW of U.S. natural gas production); and Bitcoin Financial Infrastructure, which provides institutional-grade custody via the NYDFS-chartered NYDIG Trust Company LLC, execution via NYDIG Execution LLC (BitLicense holder), spot and derivatives trading, and bitcoin-collateralized lending ("HODL loans"). The platform serves community banks and credit unions through core processor integrations with FIS, Fiserv, and Jack Henry; large U.S. banks such as U.S. Bancorp on a sub-custody basis; corporate treasuries seeking bitcoin balance sheet allocation; and public bitcoin miners such as Riot Platforms.

The underlying technology is proprietary, combining a regulated in-house custodian with SOC 1 Type 2 and SOC 2 Type 2 audits since inception, an execution platform with seven-plus years of $100M+ block trade experience, and a vertically-integrated mining infrastructure including a 435 MW hydropower-connected facility at the Massena, New York site and Crusoe-acquired Digital Flare Mitigation modular data centers. Pricing is quote-based and bespoke across multi-year institutional contracts; revenue is generated through recurring custody fees, transaction-based execution fees, lending interest, mining block rewards, and power asset optimization services.

NYDIG is a wholly-owned subsidiary of Stone Ridge Holdings Group (SRHG), an alternative asset management holding company founded by Ross Stevens with $4.6B+ in cumulative primary equity raised. The company has scaled through acquisitions including Bottlepay (Lightning Network payments, 2021), a strategic stake in Coinmint (2024), and Crusoe's bitcoin mining operation (2025), while raising a $1B funding round at a $7B+ valuation in December 2021 led by WestCap with Morgan Stanley, MassMutual, and Bessemer Venture Partners. A $50M round led by FinTech Collective in April 2026 signals continued capital availability for expansion.

Name

NYDIG

Legal name

New York Digital Investment Group LLC

Website

https://nydig.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

NYDIG is a vertically-integrited bitcoin and power firm offering NYDFS-chartered institutional custody, trading, bitcoin-secured lending, and at-scale mining to banks, credit unions, corporations, and public miners.

Ownership category

akta.pro rank

Product category

Institutional Bitcoin Services

NAICS

Securities and Commodity Exchanges (5232), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)

akta.pro secondary industries

NFT Commerce, Ticketing & Utility Enablement (token-gated access, memberships, passes, ticketing rails) (FSAPAFAJ), Enterprise & Brand NFT Commerce Platforms (White-Label/Embedded) (FSADANAM)

Keywords

• Bitcoin custody services
• Institutional bitcoin trading
• Bitcoin-secured lending
• Bitcoin mining operations
• Digital asset infrastructure

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Institutional bitcoin custody: Recurring custody fees from regulated, audited, and insured institutional bitcoin custody services for banks, credit unions, asset managers, and corporations.
2. Bitcoin block trade execution: Transaction-based revenue from executing large bitcoin block trades ($100M+) on behalf of corporate and institutional clients with minimal market impact.
3. Bitcoin-secured lending (HODL loans): Interest income from bitcoin-collateralized loans providing tax-efficient fiat liquidity to clients without requiring sale of bitcoin holdings.
4. Bitcoin mining operations: Block rewards and transaction fees from at-scale bitcoin mining operations across North America powered by low-cost energy sources.
5. Power asset optimization: Revenue from operating and optimizing power assets including consumption of stranded energy, with synergies from affiliated Stone Ridge Energy franchise (over 10GW of U.S. natural gas production capacity).
6. Research & advisory services: Institutional research publications (NYDIG Research, Stone Ridge Investor Letters) that support brand and client engagement, led by research lead Greg Cipolaro.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

NYDIG operates a vertically-integrated bitcoin and power firm that delivers regulated institutional-grade bitcoin custody, spot and derivatives trading, bitcoin-secured lending (HODL loans), and at-scale bitcoin mining operations. Services are delivered through in-house regulated entities (NYDIG Trust Company LLC chartered by NYDFS and NYDIG Execution LLC holding a BitLicense) and are sold to banks, credit unions, asset managers, corporations, and public bitcoin miners, with distribution via direct enterprise sales and embedded core-processor partnerships.

Product overview

NYDIG operates a vertically-integrated platform architecture built around two core franchises: Power & Bitcoin Mining and Bitcoin Financial Infrastructure. The Power & Bitcoin Mining franchise operates at-scale, resilient bitcoin mining across North America leveraging low-cost energy. The Bitcoin Financial Infrastructure franchise — powered by regulated custody and execution entities (NYDIG Trust Company LLC and NYDIG Execution LLC) — delivers institutional-grade custody, spot & derivatives trading, and bitcoin-secured lending (HODL loans). On top of this, NYDIG offers a Bitcoin Corporate Treasury Solution tailored for corporations, with dedicated Institutional Custody, Strategic Accumulation, and Financing sub-products. Research & Insights publications (Bitcoin Cycles Narratives Framework, market research) complement the offering. Since its 2017 founding, NYDIG has expanded through acquisitions including Bottlepay (Lightning Network payments, November 2021), Crusoe's bitcoin mining operation and Digital Flare Mitigation business (August 2025), and the planned Alcoa Massena East smelter site acquisition (expected mid-2026), and now serves as sub-custodian to institutions including U.S. Bancorp.

Differentiator

Problem solved

Functional benefit

Products and services

• Power & Bitcoin Mining Vertically-integrated franchise operating at-scale, resilient bitcoin mining across North America leveraging low-cost energy from diverse sources and locations, with novel strategies to optimize power assets and benefit power grids. Targets institutional and corporate clients seeking exposure to bitcoin mining economics underwritten by NYDIG's low-cost power footprint.
• Bitcoin Financial Infrastructure Proprietary platform powered by regulated custody and execution entities (NYDIG Trust Company LLC and NYDIG Execution LLC) that delivers institutional-grade spot and derivatives trading, structuring, and financing services, including market-leading regulated, audited, and insured custody. Designed for banks, credit unions, asset managers, and corporations.
• Bitcoin-Secured Lending (HODL Loans) Financing solution that uses NYDIG's expertise in securitization and financing to enable clients to access fiat liquidity from their bitcoin holdings through bitcoin-collateralized loans without having to sell their bitcoin. Designed for corporate and institutional bitcoin holders seeking tax-efficient liquidity.
• Bitcoin Corporate Treasury Solution Vertically-integrated platform for corporations seeking bitcoin investments, offering institutional custody, strategic accumulation, and financing (HODL loans); developed originally to manage the parent company's bitcoin treasury and supports 7+ years of executing $100M+ block trades with minimal market impact. Tailored to corporate treasury objectives, governance, and risk profiles.
• NYDIG Client Platform (app.nydig.com) Sign-in client portal at app.nydig.com through which clients access NYDIG's online bitcoin services, including account management and reporting.

Quantifiable outcome

• Plans to onboard 1,000+ financial institutions and retailers by 2022 following $1B funding round
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered flagship and core.

• AlcoaflagshipStrategic or Co-development Partner · 1 April 2026Alcoa is in advanced talks to sell its 1,600-acre Massena East aluminum smelter site in upstate New York to NYDIG for bitcoin mining operations. The 435 MW hydropower-connected facility along the St. Lawrence River currently houses ~54,000 bitcoin miners drawing ~166 MW. Deal expected to close around mid-2026.
• U.S. Bancorp (USB)flagshipOEM/ Whitelabel/ Licensing Partner · 1 September 2025U.S. Bancorp resumed institutional bitcoin custody services in September 2025 following SEC rescission of SAB 121, using NYDIG as its bitcoin sub-custodian, initially serving institutional investment managers with registered and private funds.
• CrusoeflagshipStrategic or Co-development Partner · 1 August 2025NYDIG agreed to acquire Crusoe's bitcoin mining operation and Digital Flare Mitigation (DFM) business, with approximately 135 employees transitioning to NYDIG upon closing subject to regulatory approvals. Crusoe's DFM captures stranded natural gas to power modular data centers, deployed across seven US states and two countries, mitigating 2.7M metric tons of GHG emissions. Post-transaction, Crusoe focuses on AI infrastructure.
• BottlepaycoreTechnology or Integration · 1 November 2021NYDIG acquired Bottlepay, a bitcoin payments application developer utilizing the Lightning Network for global micropayments. Reported deal value of $280-300 million in stock (Coindesk reported $300M). Integrated into NYDIG's bitcoin platform to expand payment capabilities.
• FIScoreChannel Partner/ Reseller/ DistributorFIS is a core banking processor partnering with NYDIG to enable plug-and-play bitcoin access for community banks and credit unions across the U.S.
• FiservcoreChannel Partner/ Reseller/ DistributorFiserv is a core banking processor partnering with NYDIG to enable plug-and-play bitcoin access for community banks and credit unions across the U.S.
• Jack HenrycoreChannel Partner/ Reseller/ DistributorJack Henry is a core banking processor partnering with NYDIG to enable plug-and-play bitcoin access for community banks and credit unions across the U.S.
• Stone Ridge Holdings GroupflagshipStrategic or Co-development PartnerNYDIG is a subsidiary of Stone Ridge Holdings Group (SRHG), parent company also of Stone Ridge Asset Management and Longtail Re. Parent has raised $4.6B+ in primary equity and provides NYDIG with significant operational synergy.
• Stone Ridge EnergycoreStrategic or Co-development PartnerSister company under Stone Ridge Holdings Group; Stone Ridge Energy owns and operates over 10GW of U.S. natural gas production, providing complementary low-cost power for NYDIG's bitcoin mining operations and reducing energy input costs via stranded energy consumption.

Scale indicators9 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Galaxy Digital: Galaxy Digital operates institutional-grade bitcoin and digital-asset trading, lending, custody, and mining businesses — directly mirroring NYDIG's vertically integrated institutional platform and corporate-treasury focus.
• Fidelity Digital Assets: Fidelity Digital Assets is a regulated institutional bitcoin custody and execution provider serving hedge funds, asset managers, and corporations — competing head-to-head with NYDIG Trust Company for institutional custody mandates.
• Coinbase Institutional: Coinbase Institutional provides regulated custody (Coinbase Custody Trust), prime brokerage, and trading to institutional and corporate clients, overlapping NYDIG's core financial-infrastructure franchise and increasingly its prime brokerage stack.
• BitGo: BitGo is a regulated institutional digital-asset custodian and prime broker with deep wallet infrastructure and lending capabilities, competing directly for the same bank, asset-manager, and corporate-treasury clients NYDIG targets.
• Bakkt Holdings: Bakkt provides institutional digital-asset custody, trading, and payments infrastructure for banks, brokers, and merchants, overlapping NYDIG's institutional and Lightning-enabled payments offerings (the latter via the Bottlepay acquisition).
• CoinShares: CoinShares is a European-listed institutional digital-asset investment firm offering ETPs, trading, and capital-markets services — comparable to NYDIG's institutional trading, financing, and corporate-treasury execution stack.
• Anchorage Digital: Anchorage Digital is an OCC-chartered national trust bank offering regulated institutional digital-asset custody, trading, and lending — a structurally comparable regulated competitor to NYDIG Trust Company.

Emerging players

• Bullish (Block.one): Bullish is a regulated institutional digital-asset exchange operated by Block.one that combines trading, lending, and custody — a partial competitor to NYDIG Execution and NYDIG Trust Company primarily serving institutional desks.

Others

• Riot Platforms: Riot Platforms is a large publicly listed bitcoin miner that uses NYDIG as institutional custodian and is part of the post-halving mining cohort NYDIG serves and competes with via Crusoe/DFM and Alcoa Massena expansions.
• Marathon Digital Holdings: Marathon Digital Holdings is a large publicly listed bitcoin miner and institutional BTC holder; it is an adjacent industry participant to NYDIG's Power & Bitcoin Mining franchise and a potential institutional custody customer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NYDIG_BTC
• LinkedInlinkedin.com/company/nydig

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NYDIG