Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin

HabBear

hero member

Activity: 1106

Merit: 638

Yeah, man, lots of institutional investment firms are getting in on this experiment called bitcoin.

Here's a list of 20 Institutional Bitcoin Investors (and GBTC assets under management), short list below:

ARK Investment Management ($37.35M)
Kinetics Portfolios Trust ($36.86M)
Arkadios Wealth Advisors ($9M)
Corriente Advisors ($4.2M)
Addison Capital ($1.5M)
IFP Advisors ($1.4M)
Slatestone Wealth ($509k)
Fny Investment Advisors ($336k
Boston Private Wealth ($249k)
Rothschild Investment Corp ($235k)

Filing in the Caymans is pretty common too, light (if any) tax obligation and loose laws.

mnporter2001

sr. member

Activity: 602

Merit: 250

HEX: Longer pays better

Wow, that's a huge amount, if this plan is approved by the US securities and the Exchange Commission, then Bitcoin will surely have the next incredible pump. It will even make the next bull run in 2021 with no stop

Although not investing in projects in the Crypto market or other altcoins, the rise in the price of Bitcoin will also indirectly cause altcoins to follow. This is an extremely good signal for long-term holders, for example me haha.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Even though they will not invest directly into BTC, it will impact the price as Grayscale, having that much money invested in them will surely increase the number of coins they're holding. It may not be a 1:1 ratio, but even it 25% of those money flows into the market it's going to be huge. Years ago, long before we went into the 20k bubble, people were predicting that once institutions come in we're going to have a 100k USD bitcoin. Even now this seems to be a distant future, but if you think how small Bitcoin is compared to the value of S&P 500 companies, you'll see that 20k per coin is nothing big, just a step in the right direction.

avikz

legendary

Activity: 3080

Merit: 1500

When Snappa begun investing in bitcoin, I knew this is only the beginning of corporate involvement into bitcoin and I was right! What started with Snappa is only growing bigger regardless of the country and business. I foresee more corporates will be joining the bandwagon sooner than later! I would be more happier if the company intended to buy bitcoins without any middleman but even Grayscale deals in physical bitcoin. So whatever money will be poured by this company, will eventually move into the market at the end of the day! And that's what it really matters for us!

hugeblack

legendary

Activity: 2702

Merit: 4002

According to the information received, it seeks to present "the most convinced investment ideas with an unrestricted approach, as well as appropriate strategies to improve return and/or mitigate risks".

Quote

"The 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'), a privately offered investment vehicle that invests in bitcoin," the filing with the U.S. Securities and Exchange Commission read.

Source ---> https://www.coindesk.com/guggenheim-fund-files-to-be-able-to-invest-up-to-almost-500m-in-bitcoin-through-gbtc

This will be done through a wholly-owned subsidiary, as a limited company under the laws of the Cayman Islands (“the subsidiary”). Except for its investment in GBTC, the fund will not invest, directly or indirectly, in cryptocurrencies.

Topic: Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin (Read 121 times)