The company has filed an application with the US SEC to invest over $500 million in Grayscale’s BTC fund
A document filed with the US Securities and Exchange Commission (SEC) on Friday indicates that the next major Wall Street player to enter the world of Bitcoin could be one of the biggest ever: the financial services company Guggenheim Partners, which manages approximately $275 billion.
The request, if accepted, would allow Bitcoin Loophole the Macro Opportunities fund to purchase GBTC, a Grayscale listed Bitcoin investment vehicle, in the near future.
Read the document:
„The Guggenheim Macro Opportunities Fund may seek indirect exposure to Bitcoin by investing up to 10% of its net asset value in Grayscale Bitcoin Trust („GBTC“).
According to independent rating firm Morningstar, the Guggenheim Macro Opportunities Fund currently has $5.3 billion under management and has a four-star rating „based on the risk-adjusted returns of 270 non-traditional bond funds“. If the fund were to place 10% of its assets in GBTC, this would be an investment of over $500 million.
The paper also notes a long list of potential risks for those investing in cryptocurrency, defined as „digital assets designed to act as a medium of exchange“. The risks include, among other things, the lack of regulation for exchanges and uncertainty about tax laws and regulations.
In recent months, many financial institutions have approached the world of cryptocurrencies. In August, business intelligence firm MicroStrategy purchased nearly 40,000 Bitcoins, leading to a parabolic increase in share prices. Similarly, financial services company Square bought $50 million in Bitcoins in October.
According to one of the best-known crypto journalists, this trend could quickly become an avalanche:
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