The SEC’s Friday inquiry indicates that the next Wall Street firm to be listed on bitcoin may also be one of the largest to date: $ 275 billion, the finance company Guggenheim Partners.

The Guggenheim file allows the Macro Opportunity Foundation to acquire GBTC, a listed grayscale Bitcoin investment fund, at an unspecified time in the future.

The Guggenheim Macro Opportunity Fund may seek to invest indirectly in bitcoin by investing up to 10% of its net worth in the Grayscale Bitcoin Trust (“GBTC”) as specified in the deposit.

The Guggenheim Macro Opportunities Fund currently manages $ 5.3 billion in assets and has a four-star “risk-adjusted return” on 270 unconventional bond funds, according to the independent rating agency Morningstar.

Guggenheim describes a general financing strategy for institutional equities (listed equities: GIOIX) as the product of the investment team’s higher ideas of persuasion. If the fund received 10% of the GBTC shares, the value would be more than $ 500 million.

The deposit also belongs to a long list of potential risks for investors related to cryptocurrencies, which he calls “digital assets designed to act as a medium of exchange.” The risk includes, but is not limited to, the lack of rules for exchanging cryptocurrencies, GBTC’s historic “large premium” on net worth and uncertainty surrounding tax rules and regulations.

This preparatory move by the Guggenheim appears to be part of a series of investments, evidence of the growing acceptance of Bitcoin among major financial institutions. Business intelligence company Microstrategy bought almost 40,000 bitcoins in August, which led to a similar change in the share price. Similarly, the finance company Square, Inc. bought bitcoin worth $ 50 million in October.

Source: CoinTelegraph

LEAVE A REPLY