GoldenTree buys Bitcoin
Asset management company GoldenTree, which currently manages over $ 45 billion in assets under management, has reportedly bought Bitcoin (BTC).
According to an article published by financial news site The Street, the purchase of Bitcoin follows discussions among executives regarding the recruitment of experts in cryptocurrency investing and mining.
Julien Bouteloup, founder of Stake Capital, reacted to the announcement on Twitter:
” It’s inevitable. The world’s largest asset managers are now buying Bitcoin. Imagine being stunned when they begin to realize that this technology is 12 years old and they have only discovered 0.001% of the potential of blockchain. “
Growing interest from asset management companies
This is not a major asset management firm’s first foray into cryptocurrency, UK manager Ruffer Investment Management had acquired £ 550million ($ 745million) from BTC in November 2020, which represented 2.5% of its portfolio. Even though the firm has already sold 40% of its bitcoins, the manager still has around 20,000 BTC in its possession.
Large sums in addition to the funds managed by Grayscale. The famous cryptocurrency fund manager now manages more than $ 34 billion. The dedicated Bitcoin fund called Grayscale Bitcoin Trust (GBTC) is the largest with a value of $ 25.5 billion, or around 654,600 BTC.
The strong growth of the Grayscale fund and the initiatives of GoldenTree and Ruffer seem to confirm the appetite of management companies for Bitcoin.
👉 To read on the same subject: JP Morgan gives the green light to its wealthy clients to buy cryptocurrency
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.