Bitcoin investment firm New York Digital Investment Group (NYDIG) has secured an investment of $200 million in a funding round led by some massive names.

Besides the parent company Stone Ridge Holdings Group, the strategic partners included Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments, announced NYDIG Monday. Bessemer Venture Partners and FinTech Collective, who led the two prior funding rounds, were also significant participants.

NYDIG will be working with these firms, which have been in partnership for years, for Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.

“These partnerships leave no doubt that institutional adoption of Bitcoin has arrived,” said Robert Gutmann, co-founder, and CEO of NYDIG. The firm is also planning to have an “explosion of innovation in Bitcoin products and services” in the months and quarters of partnership with these new investors.

NYDIG also shared that life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure through the firm. Michael Saylor, CEO of MicroStrategy, which owns 91,064 BTC commented,

“Institutional funds are now flowing into Bitcoin at an accelerated rate via private equity, public equity, public debt, direct purchases of the commodity, & commodity futures.”

Towards the end of last month, Stone Ridge also filed with the SEC to add Bitcoin to its diversified alternatives fund. Anthony Scaramucci of SkyBridge called this open-ended mutual fund ready to buy BTC a “BIG deal.”

“Stone Ridge filing opens the door for every mutual fund to add Bitcoin (if they want to),” he said at the time.

While Bitcoin price is trading above $50k, there is simply no lack of bullish news in the market.

Goldman Sachs Group revealed substantial demand for digital assets from institutions as it works to reboot its Bitcoin trading desk. Additionally, in a survey of nearly 300 clients by the firm, 40% currently have crypto exposure.

“We see this as a hugely exciting time exploring the potential of that technology,” said Matt McDermott, global head of digital assets for Goldman Sachs Global Markets Division.

Today, PayPal also confirmed that it is acquiring the digital custody firm to “expand its initiatives to support cryptocurrencies and digital assets.”

The acquisition is expected to be completed in the first half of 2021, of which financial terms weren’t disclosed.

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