2021-6-3 18:12 |
Major financial institution Guggenheim Investments has filed for a fund that could offer indirect bitcoin exposure.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), major global investment firm Guggenheim Investments is exploring a new fund that could seek exposure to bitcoin.
The filing indicates that the Guggenheim Active Allocation Fund, as the new product would be called, could seek to offer bitcoin exposure indirectly.
“The Fund may seek investment exposure to cryptocurrency (notably, Bitcoin), as often referred to as ‘virtual currency’ or ‘digital currency,’ through cash settled derivatives instruments, such as cash settled exchange traded futures, or through investment vehicles that offer exposure to Bitcoin and other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts,” per the filing.
The filing also provides insight into Guggenheim’s view of cryptocurrency in general, which appears tepid at best.
“Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset and future regulatory actions or policies may limit, to a materially adverse extent, the value of the Fund’s indirect investment in cryptocurrency and the ability to exchange a cryptocurrency or utilize it for payments,” the filing reads.
With more than $245 billion in assets under management, Guggenheim Investments is one of the largest investment firms in the world. The potential for it to offer a fund that provides bitcoin exposure, even indirectly, is another sign of growing institutional interest in BTC. Recently, major financial institutions like Goldman Sachs, Morgan Stanley and JP Morgan Chase & Co. have all been exploring similar offerings.
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