• Sun. Jul 14th, 2024

Guggenheim Files with SEC to Invest More Than $500 Million in Grayscale’s Bitcoin Trust

Christian Klausen

ByChristian Klausen

Nov 29, 2020
The Price of Bitcoin Token Achieves the $14,500 Mark which is its Highest Since January 2018

Another Wall Street company has decided to invest capital over the leading digital asset. For this purpose, the investment firm has filed an application with the US regulator Securities and Exchange Commission.

10% of Net Asset Value in Bitcoin

The $270 billion investment firm Guggenheim Partners wants to allocate more than $500 million in Bitcoin via Grayscale’s Bitcoin Trust (GBTC). According to the submitted filing, the Macro Opportunities fund of Guggenheim Partners may bet over $500 million in the flagship digital currency.

The Macro Opportunities fund will bet 10% of its whole value over the king cryptocurrency. “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 firm mentioned in the filing.

Based on the website’s information, Macro Opportunities is currently managing up to $5 billion of assets. Out of $5 billion, 10% of its total stakes represent more than $500 million. The giant investment firm has mentioned in the SEC’s filing that it would not invest over cryptocurrency except Grayscale’s product.

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Out of all crypto assets fund managers, Grayscale is the only one who crosses the figure of $10 billion. Grayscale has offered many Trusts in various cryptocurrencies including the top digital currency. And Bitcoin Trust holds the most of the value over the platform. If we compare the funding rate from its inception to the date, we find that it has witnessed exceptional growth in 2020 because many Wall Street investors and institutions have come into the industry in anticipation of a better future around Bitcoin. Only Bitcoin Trust of Grayscale is close to capturing the figure of $6 billion.

Besides Grayscale, another prominent investment firm MicroStrategy had put more than $400 million into Bitcoin and whose big investment became responsible to lifting the price value to new highs. Payment Company Square also bet $50 million in the top digital currency as its founder Jack Dorsey is a big fan of Bitcoin.

Fidelity made a comprehensive report after taking data from 800 institutional investors about their sentiments or plans for cryptocurrency. Out of 800 institutional investors, 36% of them have invested in crypto assets including Bitcoin and other cryptocurrencies. All other blockchain-powered on-chain reports find that institutional’s entry into the crypto industry is obvious.

Earlier this month renowned billionaire Stanley Druckenmiller also revealed his bet over the top digital currency.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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