Guggenheim Fund Prepares to Invest Almost $500M in Bitcoin
Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC).
Approx $497 million in GBTC
“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”),”
The Macro Opportunities Fund is one of the firm’s best-known with more than $5 billion in assets under management. Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC.
This move by Guggenheim appears to be part of a cascading series of investments indicating increased acceptance of Bitcoin among major financial institutions.
Grayscale, one of the largest crypto asset-managers, recently surpassed $10 billion in assets as bitcoin soared to highs rivaling levels in 2017.