After Skybridge Capital, another Wall Street giant filed an application with the SEC to invest in the cryptocurrency market


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Following Skybridge Capital, another Wall Street giant filed an application with the SEC to invest in the cryptocurrency market

On November 30, Wall Street giant Guggenheim Partners (Guggenheim Partners) planned to invest in the cryptocurrency market through Grayscale Bitcoin Trust (GBTC).

Note: GBTC allows investors to trade stocks in trust funds holding large amounts of Bitcoin. In this way, investors do not have to deal with the issue of holding assets, but only hold stocks that represent Bitcoin investments.

On the 27th of this month, Guggenheim Partners pointed out in a document submitted to the US SEC that the company may use Grayscale Bitcoin Trust to invest 10% of its Guggenheim Macro Opportunities Fund (approximately US$500 million) into Bitcoin. .

Guggenheim Partner is a global investment and advisory financial services company. The Macro Opportunity Fund is one of the company’s most famous funds with an asset management scale of approximately US$5.3 billion. According to the information disclosed by the company, Grayscale Bitcoin Trust (GBTC), within the investment scope of the Macro Opportunity Fund, is expected to invest through a wholly-owned subsidiary, which will be formed as a limited company under the laws of the Cayman Islands . Except for the investment in Grayscale Bitcoin Trust, the fund will not invest directly or indirectly in other cryptocurrencies for the time being.

The Grayscale Bitcoin Trust selected by Guggenheim Partner is under the umbrella of Grayscale Investment Corporation and has been registered with the US SEC. It has become the entrance for most institutional investors into the cryptocurrency market. Data shows that Grayscale has been increasing its holdings of Bitcoin this year, and its total Bitcoin Trust holdings currently exceed 500,000 BTC, reaching a scale of over US$9 billion. Not only that, Grayscale Investment also has trust funds related to ETH, BCH, LTC and ETC, and continues to increase its holdings of tokens. Through continuous purchase of emerging assets, the total scale of Grayscale’s crypto asset management exceeded US$10 billion.

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It should be noted that in addition to the aforementioned Guggenheim Partners announced plans to enter the Bitcoin investment market, another institutional investor, SkyBridge Capital (a world-renowned hedge fund company, namely SkyBridge Capital, known as “funds in funds”) also intends to add Bitcoin is an emerging asset class. It is reported that the company is also applying to the SEC for a fund that provides exposure to digital assets.

SkyBridge Capital wrote in the filing, “Investment funds may hold long and short positions in digital assets. Digital assets (also known as “virtual currency”, “cryptocurrency”, “coin” or “token” or similar The term) is an asset issued and/or transferred using technologies such as distributed ledgers or blockchain, including but not limited to Bitcoin”.