Guggenheim Partners files with U.S. SEC to invest $295 billion in assets in Bitcoin

  • Guggenheim Partners plans to put up to 10% of their net assets in Bitcoins
  • 10% of the net assets, which calculate more than $500 million makes the Macro Operating Fund, the largest investor of BTC in the market to date
  • Investment in BTC will put it on the same stage as other legendary investors who see Bitcoin’s potential in the current running market

Another Wall Street giant is planning to invest in Bitcoin. Global Investment and financial advisory service, Guggenheim Funds Trust filed a document with the U.S. Security Exchange Commission on Friday( 27/11/2020). It allows its $5 Billion Macro Opportunity Fund to have an open-air to Bitcoin. 

Wall Street Giant, Guggenheim Partners plans to invest up to $500 million in Bitcoin

Characteristically, the Wall Street Giant intends to invest 10% of its net asset value in the Grayscale Bitcoin Trust (GBTC), a privately offered investment structure that invests in Bitcoin. The giant is planning to invest through a subsidiary. 

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Morningstar, an independent rating firm based in America, stated that the Guggenheim Macro Opportunities Fund is currently worth wealth up to $5.3 billion under management. So, according to the document, the fund will invest $530 million in GBTC, which makes the Guggenheim Partners the most extensive company which currently holds $295 billion in assets under management ever to buy Bitcoin till date in the market. 

With an investment of $500 million in BTC, Guggenheim sets a new record 

Explained by Kevin Rooke in his tweet as 10% of Investment will be more than $200 million Investing in Bitcoin with such a large amount creates a record for Guggenheim too. 

Grayscale Investments will play the role as the Macro Opportunity Fund will not hold the BTC. Nonetheless, all the customary investment risks will be borne by Guggenheim Partners.

The wave of institutional Bitcoin investors continues to grow in the crypto market.

With legendary investors like Jack Dorsey, CEO of Twitter and founder of Square, Paul Tudor Jones, and Paypal and some more investors who recognize Bitcoin’s potential in times of expansive monetary policy puts Guggenheim on the same level as them by investing a large amount of more than $500 million solely in Bitcoin ($18,602) as on 1:16 pm on Monday (30/11/2020). 

Grayscale Bitcoin Trust (GBTC), established in 2013 solely invests in Bitcoin. It is the world’s largest crypto asset manager as it scoops up to 77% of the newly minted Bitcoins and currently wealth up to $10.8 billion in cryptocurrencies. Grayscale has been on the limelight from the past few months in the market due to the tremendous increase in interest from its institutional clients. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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