Bitcoin (Image: Antana/CCBY-SA2)

Here’s Why Stone Ridge Bought 10,000 Bitcoin ($162 Million)

The co-founder of Stone Ridge explains his fascination with Bitcoin and why his company bought $162 million worth of it.

In brief

  • Stone Ridge co-founder Robby Gutmann explained why the company recently bought 10,000 Bitcoin as part of its treasury reserve strategy.
  • He also touched on why people are fascinated with Bitcoin, describing it as “flavors of crypto nerd.”
  • Gutmann listed three observable trends, suggesting that investments in Bitcoin are poised to grow even further.

In mid-October, Stone Ridge Holdings Group, an asset management company with $10 billion worth of assets under its belt, revealed that it had bought 10,000 Bitcoin (BTC), currently worth over $162 million, as part of its treasury reserve strategy.

Bitcoin (Image: Antana/CCBY-SA2)
Bitcoin (Image: Antana/CCBY-SA2)

During The Breakdown podcast today, Stone Ridge co-founder Robby Gutmann shed some light on factors that led to this decision.

The fragility of fiat systems

Speaking about Stone Ridge’s long journey to Bitcoin, he started on a personal level. According to Gutmann, there are “three flavors of crypto nerd”—and he can relate to all of them.

Read more: Decrypt