Guggenheim Partners has filed an amendment with the U.S. Securities and Exchange Commission (SEC) to allow its $5 billion Macro Opportunities Fund to gain exposure to Bitcoin.
Another Wall Street institution is preparing to buy Bitcoin (BTC).
Guggenheim prepares to buy BTC
A filing with the U.S. Securities and Exchange Commission (SEC) indicates that the next Wall Street institution to take a public position in Bitcoin could also be among the largest to date: Guggenheim Partners.
Guggenheim Partners invests in various asset classes on behalf of corporations, pension funds and sovereign wealth funds. Headquartered in New York City, the firm employs 2,400 people in 17 cities across the United States, Europe and Asia and has more than $275 billion in assets under management.
The company told the SEC on Friday 27 November :
„The Guggenheim Macro Opportunities Fund seeks to gain exposure to Bitcoin indirectly by investing up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC)“.
The Guggenheim Macro Opportunities fund is currently reported to have $5.3 billion in assets under management. This would allow the fund to invest up to $500 million in BTC.
According to the company’s website, the fund aims to provide exposure „to the investment team’s most compelling ideas in the current market environment“ and „the strategy opportunistically allocates funds into assets to potentially enhance returns or mitigate risk“.
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Grayscale holds 500,000 BTC
Grayscale would hold approximately 509,581 BTC. Grayscale’s investment solution allows investors to gain indirect exposure to cryptosystems, in the form of securities, while avoiding the difficulties associated with purchasing and storage.
Grayscale’s Total Assets Under Management (AUM) currently stands at approximately $10.4 billion in cryptosurveillance. The fund dedicated to the BTC called Grayscale Bitcoin Trust (GBTC) is Cryptosoft naturally the largest with a value of $9.05 billion.
AUM de Grayscale at 27.11.20
The fund also holds $1.37 billion of Ethers and has under management Litecoin (LTC), XRP, Stellar (XLM), ZCash (ZEC) and Horizen (ZEN).
The strong growth of the Grayscale fund and the Guggenheim initiative appear to be part of a series of investments indicating increased acceptance of Bitcoin by institutional and professional investors.
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