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Nydig

“Can a vertically integrated, NYDFS-regulated bitcoin infrastructure firm become the institutional rails for Bitcoin custody, lending, trading, and energy-backed mining at scale?”

Founded2017
HQNew York, NY, USA
FoundersRoss Stevens
IndustryFintech / Crypto
The story

Founded in 2017 as the bitcoin investment and infrastructure arm of Stone Ridge, NYDIG built out institutional-grade regulated custody and execution entities chartered by the New York DFS. The company expanded into embedded bitcoin banking for financial institutions (notably via its partnership with Nymbus), Bitcoin-collateralized lending, and spot/derivatives trading. In 2021 it acquired Bottlepay for Lightning Network payments capability. More recently, NYDIG has pivoted further upstream by integrating power and compute infrastructure with Bitcoin mining, positioning itself as a vertically integrated 'bitcoin and power firm' rather than a pure fintech.

Last 12 months
—
Product timeline
2017
Founded as the bitcoin and digital assets arm of Stone Ridge Asset Management.· pivot
2021
Acquired UK Lightning Network payments startup Bottlepay for ~$300M in stock, adding micropayments and social-media BTC transfer capability.· acquisition
2021
Partnered with Nymbus to enable banks and credit unions to offer Bitcoin banking services to their retail customers.· banking
2023
Launched Bitcoin-secured 'HODL loans' allowing institutional clients to access fiat liquidity against BTC holdings without selling.· lending
2024
Expanded focus to power and Bitcoin mining infrastructure, positioning as a vertically integrated bitcoin and power firm.· pivot
Regulated entities
1
regulatory licence held by Nydig
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Nydig’s embedded-finance stack
Payments / PSP
Bottlepay (acquired, self-operated — Lightning Network micropayments)
Banking / BaaS
in the full report
Lending
in the full report
Crypto
in the full report
Accounting gap: minor
4 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.