Bitcoin

GoldenTree Asset Management Invests in Bitcoin, Sources Say

GoldenTree Asset Management Invests in Bitcoin, Sources Say

Image: Coinatmradar

According to sources, a large American firm, GoldenTree Asset Management, has invested in Bitcoin. This comes as various asset management firms have also begun to delve deeper into the cryptocurrency space, either through direct investment or offering investment vehicles to buy cryptocurrencies.

New York-based GoldenTree Asset Management added Bitcoin to its balance sheet as a diversifier for a broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter that wish to remain anonymous, The Street reported. The firm is ranked in Bloomberg's 100 Top-Performing Large Hedge Funds and has a turnover of $45 billion.

GoldenTree reportedly participated in a funding round for the blockchain-focused group Borderless Capital. Sources said the firm has added Bitcoin to its balance sheet, although the amount of the alleged investment remains unknown. The Bitcoin purchase followed discussions among executives about hiring employees familiar with cryptocurrency investments. Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar, have invested in a funding round for Borderless Capital this month.

Other asset management firms have also started adopting cryptocurrencies through direct investment or offering investment vehicles to buy Bitcoin and altcoins. Stone Ridge Asset Management has filed a prospectus with the US Securities and Exchange Commission for the addition of Bitcoin to its open-ended mutual fund. Investment firm Contrarian Horizon Kinetics advised investors to look for opportunities to use cryptoassets to protect themselves from currency depreciation, Cointelegraph reports.

© 2021, Eva Fox. All rights reserved.

_____________________________

We appreciate your readership! Please share your thoughts in the comment section below.

Article edited by @SmokeyShorts, you can follow him on Twitter


About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

Follow me on X

Reading next

Tesla Battery Factory at Giga Berlin Gets First Reinforced Concrete Pillar as Construction Progresses
SpaceX Completes Installing Starship Super Heavy's Raptor Engines Overnight –An Unprecedented Speed!

Tesla Accessories