The bear market has not stopped one of the biggest Bitcoin (BTC) bulls. The balance sheets of New York Digital Investment Group, or NYDIG, reached a record high in the third quarter of this year. In addition, the SEC filing may reveal the group’s intention to add more bitcoin to its balance sheet.

According to a press release, NYDIG’s bitcoin balance is up nearly 100% year-over-year, with revenue up 130% in the second quarter, with a further increase when the company closes its books in the third quarter. The company has more HODL than ever on bitcoin, even as bitcoin continues to fall and fall through 2022.

In addition, the group has raised $720 million for an institutional bitcoin fund, according to amended SEC filings. 59 investors with an average income of more than $12 million each contributed to the increase.

The document says the Securities and Exchange Commission “has not necessarily verified the information in this document and has not determined whether it is accurate or complete.”

NYDIG offers incubation solutions for cold storage to institutional and private investors with a high net worth. Calling itself a “Bitcoin company,” the group has received a number of ETF rejections from the Securities and Exchange Commission.

Related Topics: Institutional Appetite Continues to Grow Amid Bear Market – BitMEX CEO

The group continues to promote all aspects of bitcoin adoption, recently allowing employees of member companies to be paid in bitcoin. The latest press release highlights the new focus on the Lightning Network: “It’s time for Lightning.”

NYDIG’s move to advance Lightning Network development follows business intelligence firm MicroStrategy. Michael Saylor, CEO, recently posted a vacancy at LN Developers.

The news was accompanied by a change in NYDIG management. Tejas Shah and Nate Conrad serve as CEO and president, respectively, while outgoing CEO Robert Gutman and outgoing chairman Yang Zhao are stepping down but remaining with NYDIG’s parent Stone Ridge Holdings.

Source: CoinTelegraph