Guggenheim Funds Trust just filed an amendment in order to get more exposure to Bitcoin with the help of the US Securities and Exchange Commission by also investing up to 10% of the net asset value in the Greyscale BTC Trust so let’s more in our latest Bitcoin news today.
According to the amendment:
“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin (BTC, +1.63%) 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. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”
The fund has net assets of $4.97 billion according to Fidelity which means that the fund can invest up to $497 million in GBTC. The Guggenheim Funds Trust has more than $233 billion in total assets in fixed income, alternative strategies, and equity. The trust fund is among the investors that cast an eye on crypto assets. Guggenheim is also reserving the right for the $5.3 billion funds which aims for the total return via a fixed income and other equity services in order to invest in the Greyscale BTC trust. The shares of the trust are invested in BTC and will track the digital assets’ price fewer fees as the firm said:
“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust.”
Investments in BTC will put the fund and the Chief Investment Officer Scott Minerd in the group of people like Paul Tudor Jones and Stan Druckenmiller who already put money into BTC. The biggest cryptocurrency had a strong run this year and is now hitting record levels of $19,000, ready to go higher. The amendment filing described crypto-assets as “digital assets designed to act as a medium of exchange” while listing a huge variety of risks including volatility, regulatory changes, and low confidence in the Bitcoin market.
The trust fund seems to be sticking to the Greyscale vehicle as the potential source of crypto exposure as per the filing:
“Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies.”
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