Bitcoin balances and revenue hit all-time highs amid flight to quality
NEW YORK, October 3, 2022 /PRNewswire/ — NYDIGa leading bitcoin company, today announced the promotion of executives Tejas Shah and Nat Conrad to the roles of CEO and Chairman, respectively. NYDIG bitcoin balances reached all-time highs in the third quarter, up nearly 100% year-over-year, and revenue grew 130% through the second quarter, with a further increase when the company closes its books in the third quarter. Building on this momentum, Shah and Conrad will focus on accelerating NYDIG investment in its industry-leading Mining Solutions franchise, serving the largest North American miners and in its platform technology business, helping banks and non-banks use the Lightning Network for next-generation wallets and global payments.
outgoing CEO Robert Gutman and Past President Yan Zhao will remain with Stone Ridge Holdings Group, parent company of NYDIG, which they co-founded with Ross Stevens in 2012, working closely with Stevens across the portfolio of stone ridge businesses. Mr. Gutmann will continue to serve on NYDIG’s Board of Directors.
“When markets crash, character emerges. A flight to quality by the most risk-aware institutional investors has relentlessly driven bitcoin and revenue at NYDIG over the past 12 months,” said Ross Stevens, Founder and Executive Chairman of NYDIG. “Even at the height of the crypto frenzy in H2 2021, our risk management discipline kept us entirely out of DeFi, centralized lending platforms and the unsecured lending market. The company’s balance sheet is strongest it’s ever been, and we’re now investing aggressively in a capital-starved market Robby and Yan deliver the business to Tejas and Nate in phenomenal shape.
In addition, financial gravity operates. In the third quarter, the reality of fiat debasement overcame risk-related liquidity shocks, pushing the dollar, yen, euro and pound lower against bitcoin. In this context, the growth of the lighting network is exponential, with access to approximately 100,000 people in August 2021 rising to more than 150 million today. NYDIG is privileged to play its part in facilitating global access to non-state money, especially at this critical time.”
“Since its inception in 2017, NYDIG has become one of the world’s leading Bitcoin companies. I’m proud of everything we’ve accomplished so far, and I can’t wait to see what the incredible team at NYDIG accomplish in the years and decades to come,” says Gutmann. “As leaders of our greatest companies, Tejas and Nate have been instrumental in NYDIG’s success. They are poised to lead NYDIG into its next phase of growth.”
Shah and Conrad were most recently NYDIG’s Global Head of Institutional Finance and Global Head of Payments, respectively. Prior to joining NYDIG in 2020, Shah had a nearly 20-year career at Goldman Sachs where he was a partner. Conrad joined stone ridge in 2016 and NYDIG in 2020, after also starting his career at Goldman Sachs.
“I am honored to lead this incredible organization in our important mission of Bitcoin for All,” added NYDIG’s new CEO, Tejas Shah. “The entire NYDIG team remains focused on delivering the world-class financial and technology solutions that our clients have come to know and expect from the company. Our strong balance sheet, especially in today’s market, is a powerful differentiator serving our clients.
NYDIG’s best cold storage solution remains the foundation of everything we do, from our innovative capital and credit intermediation solutions to our leadership position serving miners securing the Bitcoin network. Now it’s Lightning’s turn. We are excited to bring next-generation wallet and payment solutions – faster, cheaper, more secure – to our growing set of enterprise technology customers.”
NYDIG is a bitcoin company that is powering a more inclusive economic system. Providing technology and financial services to businesses across a wide range of industries, its comprehensive bitcoin platform is built to the highest security, regulatory and operational standards. NYDIG is the gateway to a new era of financial products that make Bitcoin and Lightning accessible to everyone. Learn more about nydig.comor log on toLinkedInandTwitter.