$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

• Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.
• According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.
• Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”
• Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.
• With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.
• The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.
• Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.
• This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.