Major Insurance Firms Lead New NYDIG $100M Round

The company currently has $6 billion in assets under management

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Starr Insurance, Liberty Mutual Insurance, New York Life and MassMutual lead round
  • Insurance industry veteran Mike Sapnar tapped to run the company’s new Insurance division

NYDIG, Stone Ridge Asset Management’s digital assets vertical, has closed an $100 million investment round led by Starr Insurance, Liberty Mutual Insurance, New York Life and MassMutual in order to build out a suite of bitcoin-related products for the insurance industry.

“Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year,” said Ross Stevens, CEO of Stone Ridge and executive chairman of NYDIG, in a statement.

The company also announced that Mike Sapnar, CEO of Transatlantic Reinsurance, a large reinsurer firm, would join as Global Head of Insurance Solutions. It has also tapped Matt Carey of annuity marketplace Blueprint Income to run the US arm of the operation. 

“The global property and casualty (P&C) industry is huge, paying out over $1 trillion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance,” Robert Gutmann, co-founder and CEO of NYDIG, said in a statement. 

All this comes a month after NYDIG closed a $200 million round from a suite of institutional investors including Morgan Stanley, a number of insurers, and Soros Fund Management. Shortly thereafter, New York Life Chairman and CEO Ted Mathas joined its Board of Directors.

The company closed its first round in 2017, according to Crunchbase Pro, at $50 million. Then in the last quarter 2020 it raised $55 million before closing another $200 million in March.

NYDIG currently has $6 billion in assets under management.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.jpg

Research

In this report, each analyst on the Blockworks Research team lays out their highest conviction thesis for 2025.

article-image

Accountable CEO Wojtek Pawlowski told Blockworks that his firm is looking to reawaken the crypto credit space with more transparency

article-image

Like Michael Saylor’s firm, Sol Strategies is focused on acquiring crypto as a treasury asset

article-image

Bitwise argued in its 2025 outlook report that bitcoin ETFs will attract more flows in 2025 than they did in 2024

article-image

Odds of an interest rate cut later this month are all but out the window

article-image

Exploring the drama surrounding a shiny new stablecoin

article-image

Asset Reality’s Aidan Larkin explains how the US government offloads bitcoin