The US asset management giant GoldenTree reportedly purchased bitcoin, joining the number of large institutions that are accumulating bitcoin as we can see more in our latest Bitcoin news today.
GoldenTree Asset Management is a US asset management giant with $45 billion in assets under management and it reportedly purchased chunks of the primary cryptocurrency in a bid to diversify some of the organization’s existing strategies. Founded over two decades ago, GoldenTree is an asset manager based in New York City with offices in other financial hubs like Singapore, Tokyo, London, and Sydney.
According to the reports, the institution dipped its toes in the crypto industry by purchasing an undisclosed amount of BTC. Citing two sources that had info on the matter, the coverage indicated that putting BTC on the balance sheet will be a diversified mix of debt-focused strategies for the next few years. GoldenTree also had internal discussions to establish a dedicated team responsible for the crypto investments.
With the asset manager, the number of companies investing in BTC keeps on growing. The most prominent name was BlackRock as the asset manager got to BTC via CME and made gains of $360,000 in April this year. Stone Ridge which is another Wall Street giant, filed to add crypto to its diversified alternative funds. The trend expanded outside of the US with Israeli company Altshuler Shaham purchasing BTC via Grayscale Bitcoin Trust.
As we reported, In the January SEC filing, the investment company BlackRock Asset manager indicated that it could add the BTC futures to its funds down the road but it turns out that it already had. In the SEC filing, the BlackRock Global Allocation Fund indicated that it has 37 futures contracts from the Chicago Mercantile Exchange that are worth nearly $360,458 and this amount represents 0.0014% of the fund’s total assets with the contracts expired on March 26.
With nearly $9 trillion in assets under management, BlackRock is the world’s biggest investment company in the world ahead of UBS, Fidelity, Vanguard, JPMorgan Chase, BNY Mellon. Fidelity also filed paperwork for a Bitcoin ETF while BNY Mellon commented that it will add BTC custody services and JpMorgan Chase creating a crypto basket so all investors can purchase shares in companies that are exposed to BTC.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]