New Fund From Asset Management Giant Guggenheim Investments May Offer Exposure to Bitcoin and Crypto Assets
Global financial management giant Guggenheim Investments is considering whether to offer exposure to Bitcoin and cryptocurrency through a new fund registered with the U.S. Securities and Exchange Commission (SEC).
This week Guggenheim Investments registered The Guggenheim Active Allocation Fund with the SEC, which will be listed on the New York Stock Exchange under the ticker “GUG.”
Within the filing, Guggenheim reveals that the fund may seek exposure to crypto and digital assets.
The SEC filing states,
“Cryptocurrency, Digital Assets, or Virtual Currency Investments. The Fund may seek investment exposure to cryptocurrency (notably, Bitcoin), 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 or other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts.”
One of the Guggenheim’s fund managers is Guggenheim’s Global Chief Investment Officer Scott Minerd, who has notably flip-flopped on his Bitcoin outlook.
“The Sub-Adviser’s personnel with the responsibility for the day-to-day management of the Fund’s portfolio are B. Scott Minerd, Chief Investment Officer and Chief Executive Officer, Anne Bookwalter Walsh, Assistant Chief Investment Officer and Senior Managing Director, Steve Brown, Managing Director, and Adam Bloch, Director.”
In late April, Minerd predicted a sizable price drop for BTC, before the coin lost almost half its value in May. However, Minerd also said a correction in the near future would be part of “the normal evolution in what is a longer-term bull market” for the digital asset.
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Featured Image: Shutterstock/Maciej Bledowski
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Author: Daily Hodl Staff