According to The Street, a large New York-based asset management company GoldenTree has invested part of the funds in Bitcoin, but the exact amount of the investment has not been disclosed.
Founded in 2000, the organization specializes in high yield bonds, leveraged loans and high-risk structured products.
Also in April, the asset manager updated its registration with the SEC in order to agree on the purchase; purchase and sale of a wide range of cryptocurrency cryptocurrencies.
GoldenTree Asset Management manages assets worth $ 45 billion. Two sources familiar with the situation noted that before the purchase of Bitcoins, the company’s top managers had long discussed the possibility of hiring employees who understand cryptocurrencies.
Apparently, the company bought only Bitcoins – the management of GoldenTree refuses to invest in other cryptocurrencies.
The addition of Bitcoins to the balance of the organization will work as a diversifier for a wide range of strategies, optimized for long.
Companies are increasingly showing interest in digital assets
Previously, GoldenTree founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar participated in a funding round for Borderless Capital; which is associated with the Algorand project. Borderless also invested in the Securitize securities tokenization platform.
Recently, the CEO of the Swiss private bank Vontobel Zeno Staub said that the bank’s large clients are increasingly showing interest in investing in digital assets. They enter it either through direct investment or offer tools for investing in cryptocurrency assets.
As you know, a few days ago; Stone Ridge Asset issued a prospectus with the SEC that it intends to add Bitcoin to its investment fund. Contrarian Horizon Kinetics also recommended that investors find opportunities to use cryptocurrencies in order to protect themselves from the depreciation of fiat due to inflation.
As the more global cryptocurrency markets are finally showing some signs of relief; it should come as no surprise to hear news that several more companies are announcing their turn towards digital assets.
Вespite the high volatility, institutions continue to buy cryptoassets
In 2021, a large number of firms – both public and private – have taken up volatile cryptocurrency assets; betting on their bright future.
MicroStrategy kicked off this trend, with companies putting Bitcoins on their balances and continuing to buy BTC; despite recent uncertain market conditions that saw the largest decline in cryptocurrency from $ 64k to $ 29k.
In addition to MicroStrategy, another major US publicly traded firm that has added Bitcoin to its balance sheet is Tesla.
In Asia, the Chinese firm Meitu recently announced that it has added Bitcoin and Ether (ETH) to its balance sheet.
This policy of funds and companies indicates that they are ready to invest in crypto assets, despite the fact that they are still high-risk instruments in terms of traditional assets. However, this does not scare investors, since it is more important for them to save funds from inflation.
Also, for them, the actions of regulators, which have now increased the pressure on cryptocurrency exchanges and sites, do not really matter. Investors have ceased to consider cryptocurrencies as marginal instruments, therefore they are investing their funds in them.