GoldenTree, a hedge fund with $41 billion in property underneath administration, has added bitcoin to its stability sheet, The Avenue reported earlier at this time.
Based on The Avenue, GoldenTree bought bitcoin to diversify from the conservative, debt-based methods it has used previously. The information outlet didn’t determine its sources, stating solely they had been “granted anonymity to debate delicate enterprise dealings.”
One of many sources stated that executives at GoldenTree have been contemplating hiring normal cryptocurrency funding and operational consultants.
Nonetheless, the supply added that the companions on the fund are already skilled in “buying and selling crypto and making VC-style investments in blockchain corporations.”
GoldenTree is at the moment selecting to buy bitcoin solely, The Avenue reported.
Nonetheless, how a lot bitcoin the hedge fund has bought, how a lot it plans to buy sooner or later and what kind of custody resolution they’ll use stays unknown.
For extra info on this growing story, go to TheStreet.com/crypto.