An arm of a a global investment and advisory financial services firm that manages money for rich families and institutions seemingly plans to buy about half a billion worth of bitcoin (25,000 BTC at current prices).
“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 (“GBTC”), a privately offered investment vehicle that invests in bitcoin,” they said in a filing with the Securities and Exchanges Commission.
The Macro Opportunities Fund has about $5 billion in assets for investment, with it being part of Guggenheim Investments, a division of Guggenheim Partners.
Guggenheim Partners themselves have some $250 billion in assets under management, catering to wealthy families and other institutions.
It is sometime described as a fund of hedge funds, with it being the latest to somewhat publicly diversify into bitcoin.
The sum however is small relatively to their overall size, amounting to just 0.2% of their total investments.
It’s a first step towards the inclusion of bitcoin in their portfolio, and in this case only bitcoin.
All indicating that much of traditional finance is still at the very, very early stages of even thinking about diversifying into bitcoin, but now they’re at least moving in that direction.