NYDIG

Ross Stevens, as Founder and Executive Chairman, sets the firm's strategic direction, which flows from his stated thesis that cheap energy equals human flourishing and that bitcoin finances that outcome. The firm does not publicly name a separate CIO or detail its investment committee structure. Its dual operating nature — financial platform plus power infrastructure — suggests capital allocation decisions are made across both units, likely with Stevens retaining final authority given his concurrent role as founder of parent company Stone Ridge.

NYDIG operates as a subsidiary of Stone Ridge, an asset management holding company, and presents itself as an institutional-grade bitcoin and power firm, not a family office. It offers a corporate treasury solution and institutional trading and financing services, positioning it closer to a specialized asset manager and infrastructure operator than a single-family office vehicle.

The firm describes itself as vertically integrated: it owns or controls power infrastructure used for bitcoin mining, which generates bitcoin at low cost, and it runs a regulated financial platform providing custody, trading, and financing for that bitcoin and for external clients. The mining operations create a captive flow of digital assets that the financial platform can structure into products, while the financial platform's market access can help optimize the mining unit's revenue.

Ross Stevens founded both entities and serves as Executive Chairman of each. Stone Ridge is the parent holding company, as confirmed in Stevens' 2025 investor letter. NYDIG operates as a distinct brand and operating subsidiary focused on bitcoin and power, while Stone Ridge houses other asset management strategies, creating a structure where NYDIG benefits from shared institutional infrastructure but maintains a separate operational identity.

No. The firm does not publish AUM, total capital deployed, or the scale of its power infrastructure portfolio on its public website or in accessible investor materials. Its research notes reference specific trade sizes — a $1.3 billion trade and a $29.5 million 'urgency premium' — but these appear to be market observations, not disclosures of the firm's own positions or total balance sheet.