Another Investment Fund Plans to Invest in Bitcoin
Guggenheim Partners Investment fund plans to invest in Bitcoin
Guggenheim Partners, an asset manager worth more than $ 350 billion, has registered a fund with the possibility of investing in Bitcoin.
The goal of the Guggenheim Active Allocation Fund is to maximize income “through a combination of current income and capital gains.” To this end, the fund plans to include a wide range of securities in its portfolio and diversify it with a “pool of alternative investments”.
Bitcoin is listed as one of the areas of possible investments:
“The fund may seek to invest in cryptocurrencies (specifically Bitcoin) through cash-settled derivatives such as exchange-traded futures, or through investment vehicles that offer access to digital assets through direct or indirect investment,” the prospectus says.
The document highlighted the risks associated with assets, including the high volatility of quotations. The further development of cryptocurrencies can be influenced by many factors, including possible regulation and restrictions by the authorities, the general economic environment, cyber risks, and others, according to Guggenheim Partners.
The fund will be managed by a subsidiary of Guggenheim Funds Investment Advisors. Another subsidiary, Guggenheim Partners Investment Management, will be responsible for the portfolio.
The Guggenheim Active Allocation Fund is slated to begin trading on the New York Stock Exchange under the ticker GUG.
Recall that in May, Scott Minerd, investment director of Guggenheim Partners, called cryptocurrencies a bubble against the backdrop of a market collapse. In April, he warned of a possible correction of Bitcoin to $ 20,000.
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