Global investment giant Guggenheim Partners is looking for a major investment in bitcoin. In a request to the SEC, the U.S. CVM, Guggenheim’s Macro Opportunities Fund says it is seeking a US$ 500 million exposure to bitcoin through the Grayscale Bitcoin Trust (GBTC). GBTC is one of the world’s largest bitcoin investment funds, with more than 500 thousand bitcoins and more than US$ 9 billion in assets under management.
This is a significant move by an institutional investor towards cryptocurrency. Bitcoin, in addition to the high potential for appreciation, has been seen as a haven for investments. Because it is not tied to any government and is a scarce asset, the currency is considered a store of value, with characteristics similar to gold.
Guggenheim’s bitcoin investment surpasses MicroStrategy’s
Guggenheim’s Macro Opportunities Fund investment is expected to be one of the most extensive institutional capital injections into bitcoin, after MicroStrategy’s US$ 425 million, Coinspeaker reports.
The process filed with the SEC mentions the potential risks associated with investing in cryptocurrencies. Those are related to the lack of regulation of exchanges and the lack of tax clarity.
Soon after the news, the price of BTC rose again after going through a small adjustment. On Sunday, once again, the bitcoin surpassed US$18,000.