11-30-2020 icon

Leading Investment Firm Enters Bitcoin

By calvin

With $275 billion in assets under management, Guggenheim Partners is looking to gain exposure to Bitcoin. The firm filed an amendment with the SEC to gain investment exposure of 10% in Grayscale Bitcoin Trust.

Investment Firm Bets on Bitcoin

The investment firm could allocate over $500 million from Macro Opportunities fund to Grayscale’s GBTC. The fund has $5.3 billion in assets under management and a four-star rating based on risk-adjusted returns out of 270 Nontraditional Bond funds.

According to the official filing,

“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC),”

Institutional Investors Enter

Leading institutions around the world have indicated significant interest in Bitcoin and other digital assets. Intelligence firm Microstrategy purchased $400 million worth of Bitcoin in August and its CEO, Michael Saylor owns over $250 million in Bitcoin.

The CEO of Microstrategy, Michael Saylor says that his business intelligence firm plans to hold Bitcoin for the next 100 years. He also adds that he has no intention of selling it.

According to Saylor,

“Bitcoin, if it’s not a hundred times better than gold, it is a million times better than gold, and there is nothing close to it.”

Meanwhile, Twitter’s CEO and a growing number of tech titans continue to speak highly of the cryptocurrency and its inevitable landing on the moon.

Dorsey says,

“I fundamentally believe that security is something that can never be perfected…it’s a constant race. It’s a constant push to be ten steps ahead of hackers..the whole spirit of Bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet.”

Founded in 1999, Guggenheim Partners has over 2,400 employees across the globe. It is currently focused on asset management, investment banking, insurance services, and capital markets.

Photo by Pascal Bernardon on Unsplash