GoldenTree, $45b Asset Manager, Is Buying Bitcoin

According to sources, a large American firm, GoldenTree Asset Management, has invested in Bitcoin. This comes as various asset management firms have also begun to delve deeper into the cryptocurrency space, either through direct investment or offering investment vehicles to buy cryptocurrencies.

New York-based GoldenTree Asset Management added Bitcoin to its balance sheet as a diversifier for a broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter that wish to remain anonymous, The Street reported. The firm is ranked in Bloomberg’s 100 Top-Performing Large Hedge Funds and has a turnover of $45 billion.

GoldenTree reportedly participated in a funding round for the blockchain-focused group Borderless Capital. Sources said the firm has added Bitcoin to its balance sheet, although the amount of the alleged investment remains unknown. The Bitcoin purchase followed discussions among executives about hiring employees familiar with cryptocurrency investments. Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar, have invested in a funding round for Borderless Capital this month.

Other asset management firms have also started adopting cryptocurrencies through direct investment or offering investment vehicles to buy Bitcoin and altcoins. Stone Ridge Asset Management has filed a prospectus with the US Securities and Exchange Commission for the addition of Bitcoin to its open-ended mutual fund. Investment firm Contrarian Horizon Kinetics advised investors to look for opportunities to use cryptoassets to protect themselves from currency depreciation, Cointelegraph reports.