Guggenheim’s new fund may seek exposure to Bitcoin, SEC filing shows


The hype surrounding bitcoin is reaching fever pitch as the cryptocurrency is slowly becoming one of the most trusted currencies in the world. Famed art dealer and collector, Solomon R. Guggenheim, recently announced that he will be launching a new fund that will invest in cryptocurrencies. Guggenheim’s new fund may seek exposure to Bitcoin, according to an SEC filing. So, what exactly are cryptocurrencies, and what makes them so valuable?

According to a filing on Friday with the U.S. Securities and Exchange Commission, the U.S. Bitcoin Investment Trust (BIT) is seeking to invest in bitcoin and other cryptocurrencies. The filing says the fund, which will be listed on a digital exchange called SharesPost, is planning to launch its first investment opportunities in a few weeks. The fund will sell shares that track the daily performance of bitcoin, as well as several other digital currencies.

The U.S. Securities and Exchange Commission has revealed that an upcoming fund managed by Mike Novogratz’s Fortress Investment Group will seek exposure to the cryptocurrency market. According to a filing made by the fund, known as the PAX fund, the fund will seek exposure to digital currencies, such as Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin, which collectively represent close to three percent of the total market capitalization of all cryptocurrencies.. Read more about sec crypto and let us know what you think.

Global investment firm Guggenheim Investments has applied to launch a new fund to invest in bitcoin (BTC). According to a filing Tuesday, the new Guggenheim Active Allocation Fund will be a closed-end diversified mutual fund that may seek to invest in cryptocurrencies, such as bitcoin, through cash-settled derivatives. These instruments include exchange-traded futures contracts, investment vehicles that provide exposure to BTC, and other cryptocurrencies through direct investment or indirect exposure such as derivative contracts, the statement said. The company said the fund’s exposure to cryptocurrencies could result in significant losses for the fund, citing a number of risks associated with the industry: Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset and future regulatory actions or directives may limit the value of the Fund’s indirect investments in cryptocurrency and the ability to redeem or use cryptocurrency for payments, potentially to a materially adverse extent. According to the document, Scott Minerd, Guggenheim’s chief investment officer, will be responsible for the day-to-day management of the fund’s portfolio, along with Anna Bookwalter Walsh, deputy chief investment officer, Steve Brown, managing director, and Adam Bloch, director. Just last year, Guggenheim filed an application with the SEC indicating that its Guggenheim Macro Opportunities Fund may want to invest indirectly in bitcoin by investing up to 10% of its net asset value in the Grayscale Bitcoin Trust. Minerd is known for his somewhat controversial stance on cryptocurrencies and Bitcoin, with the leader calling the cryptocurrency market a tulip mania after Bitcoin’s launch on the 19th. May had plummeted to almost $30,000. Although he compares the crypto industry to a financial bubble, Minerd remains optimistic about bitcoin in the long run. He predicted earlier this year that BTC could reach $600,000.Guggenheim Partners launched a new cryptocurrency-focused hedge fund in March. It’s a notable development for the $2.4 billion partnership, which has played a key role in the cryptocurrency boom.. Read more about future of cryptocurrency 2021 and let us know what you think.

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