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Guggenheim Partners planning to invest $497M in Bitcoin (BTC)

Guggenheim Macro Opportunities Fund plans to invest 10 percent of its net asset value in Bitcoin via Grayscales' GBTC.

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Sun, 29 Nov 2020, 17:13 pm UTC

Another Wall Street institution has decided to invest in cryptocurrency. Guggenheim Partners, a $275 billion financial services company, has filed an amendment with the U.S. Securities and Exchange Commission to allow it to invest in Bitcoin (BTC).

Guggenheim Funds Trust has filed an amendment with the SEC that will allow its Macro Opportunities Fund to gain exposure in Bitcoin, Cointelegraph reported. The firm plans to invest in Grayscale Bitcoin Trust (“GBTC”), Grayscale Investments’ publicly-traded Bitcoin investment vehicle.

“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin (BTC, +1.54%) 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,” Guggenheim wrote in its SEC filing. “To the extent, the Fund invests in GBTC, it will do so through the Subsidiary.”

Guggenheim’s Macro Opportunities Fund has more than $233 billion in assets spread across equity, fixed income securities, and alternative strategies, according to Coindesk. It is part of Guggenheim Investments, which is the global asset and investment advisory division of the New York-based financial services firm Guggenheim Partners.

The publication also reported that the Macro Fund has net assets of $4.97 billion. At the planned 10 percent, this means that Guggenheim is planning to invest up to $497 million in Bitcoin via GBTC.

Guggenheim’s overall fund strategy was described as a product of the “highest-conviction ideas” of its investment team. However, the firm recognized the potential risks cryptocurrencies could pose to investors such as inadequate crypto exchange regulation, uncertainty in tax laws and regulations when it comes to crypto investments, and the “significant” premium to net asset value GBTC is known for.

Guggenheim’s move is the latest in a series of massive institutional investments into crypto, which is reflective of Bitcoin’s increase acceptance among top financial institutions. Business intelligence firm Microstrategy previously made headlines when it bought almost 40,000 Bitcoin back in August. Similarly, Square also made waves in October when it acquired Bitcoin worth $50 million.

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