$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

0
1355

The number of large institutions accumulating bitcoin continues to increase, with the latest example coming from GoldenTree.

GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.

According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.

Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”

Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.

With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.

The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.

Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.

This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.

Source: cryptopotato.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here