Ross Stevens (pictured), the Founder and CEO of Stone Ridge Asset Management, said he is confident $25 billion is coming to bitcoin through NYDIG by the end of the year.

“I’ve just got this order book, I’m not guessing, I see what’s happening” he said in a conversation with Michael Saylor of Microstrategy.

It took NYDIG 1,200 days to reach the first billion, Stevens said. The last billion took just six days.

Stevens revealed they have over $6 billion in bitcoin now, “between in the door and what’s committed from institutions.”

“We are Vanguard-ising this asset class,” he said, revealing that last year they had 25 institutional clients. “Today we have 280 institutional clients.”

In the first interview of its kind, Stevens said “all kinds of institutions are adopting bitcoin: public companies, private companies, hedge funds, private equity funds, credit funds.”

The most conservative but also the most sophisticated, the most careful investors in the world are adopting bitcoin he said:

“Triple A and double A life insurance companies, double A PNC insurance companies today have more than $500 million of bitcoin exposure through NYDIG and I know for sure they’re just starting.”

Mass Mutual bought $100 million worth of bitcoin in December with it unclear who the other insurance companies are.

In combination insurance companies hold trillions of dollars, with Stevens saying they can now onboard 75 institutions a month.

“These institutions want to do more than just own bitcoin, that’s table stakes. Within a year Americans will be able to get a portion of their income annuities paid in bitcoin. Americans will be able to get a portion of their salaries paid in bitcoin,” he said.

Stevens further revealed family offices in particular are adopting bitcoin, with $2 billion out of their $6 billion being from family offices.