Boathouse Capital Completes Growth Investment in Digital Asset Infrastructure Leader, Polysign
Boathouse Capital is pleased to announce that it has completed an investment in PolySign, or (“the Company”), a provider of vertically-integrated custody, trading and fund administration services to institutional investors for digital assets. The Company utilized the capital to acquire a top digital asset fund administrator, MG Stover.
MG Stover is an industry leader in digital fund administration with an impressive client base including more than $40 billion in digital assets under administration, the world’s largest by a wide margin. The acquisition of MG Stover’s best-in-class fund service capabilities will enable PolySign to deliver a comprehensive, vertically integrated custody, trading and administration offering to institutional investors for digital assets. This near-term development accelerates PolySign’s product development plan and paves the way for future service enhancements focused on institutional investors and asset managers.
MG Stover complements PolySign’s industry-leading digital asset custody and trading offerings for institutional investors. The acquisition closely follows PolySign’s notable developments in 2021, when the company’s wholly-owned subsidiary, Standard Custody & Trust Company, LLC, received its trust charter from the New York Department of Financial Services, one of the most well-developed and highly-respected digital asset regulators in the world. Prior to this, PolySign announced its strategic partnership with Cowen Digital, Cowen Inc.’s digital asset division, which also led PolySign’s $53 million Series B round of funding. Cowen and PolySign have since integrated PolySign’s next-generation digital banking technology into Cowen’s innovative, non-conflicted sales and trading platform. These advances have enabled PolySign to provide institutional investors with secure, compliant access to the multi-trillion dollar digital asset market.
“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover’s Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team,” said PolySign CEO Jack McDonald. “I am proud to welcome the entire MG Stover organization to PolySign.”
“Polysign is a perfect fit with Boathouse’s strategy of supporting innovative businesses that offer a significant opportunity to create long-term value,” said Chong Moua, Managing Partner of Boathouse. “We are very excited to partner with Jack and his team and look forward to further expanding this unique business.”