Bitcoin is the star of the crypto space again after hitting a new ATH on some exchanges the other day.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $19,499.20.
More massive amounts of money to pour into BTC
It’s been just revealed that the global investment and financial advisory services company Guggenheim Partners gets ready funnel as much as half a billion dollars into Bitcoin.
According to a document filed by Guggenheim Funds Trust at the US Securities and Exchange Commission (SEC) on November 27th, the Wall Street giant with $295 billion assets under management is looking for approval for one of its funds to take a substantial position in the Grayscale Bitcoin Trust (GBTC), as noted by the Daily Hodl.
“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. To the extent the Fund invests in GBTC, it will do so through the Subsidiary. Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies,” according to the official notes.
It’s also worth noting the fact that the Guggenheim Macro Opportunities Fund is expected to purchase more than $500 million in GBTC.
The fund will be joining the ranks of large institutional investors, including MicroStrategy and Square, who have taken a leap of faith into Bitcoin in 2020.
The firm also made sure to point out the massive risks that the crypto can pose related to volatility and more.
“The Fund’s exposure to cryptocurrency can result in substantial losses to the Fund.”