Guggenheim — a wall street investment firm with over $233 billion in total assets across fixed income, equity, and alternative strategies will be taking a public position of investing in Bitcoin, as indicated by SEC filing last Friday. Guggenheim’s investment position through its Macro Opportunities Fund will also be among the largest as the financial services firm reserves the right to invest up to 10% in Grayscale Bitcoin Trust.
The firm’s filing read that Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing 10% of its net asset value in Greyscale Bitcoin Trust. The Macro Opportunity fund is a part of Guggenheim Partners through the Global Asset Management and Investment Advisory division. According to Fidelity, the fund has a net asset of $4.977 Billion this gives Guggenheim a right to invest up to $497 million in GBTC.
Bitcoin the largest cryptocurrency has had a strong run in 2020. After Square Inc. MacroStrategy Inc. and Galaxy Digital Holding, Guggenheim Partners has become one of many publicly traded companies to invest in Bitcoin. A cascading series of investments by publicly traded companies and prominent companies like Paypal and Facebook is definitely going to increase acceptance of Bitcoin among major financial institutions and boost confidence as well as trust in Bitcoin.
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