THELOGICALINDIAN - The American asset administration close has filed for a additional armamentarium with a abeyant allocation in cryptocurrencies
Guggenheim doubles down: the advance behemothic has registered a new armamentarium that may accomplish an allocation to Bitcoin.
Guggenheim Adds Crypto Fund
Guggenheim Partners LLC, an advance administration close that commands $245 billion in assets, has registered a new advance armamentarium that may admeasure to cryptocurrencies.
The close filed a allotment with the Securities and Exchange Commission (SEC) for the Guggenheim Active Allocation Fund, which “may seek advance acknowledgment to cryptocurrency (notably, Bitcoin).” The acknowledgment would be through derivatives, such as futures or options, or added advance cartage that advance in crypto such as Grayscale’s GBTC.
While the firm’s top best appears to be Bitcoin, co-founder Todd Morley afresh accepted Ethereum for accepting “higher utility” than Bitcoin, suggesting that it may attending to bet on Ethereum futures or assurance funds in the future.
The funds will seek a advertisement on the New York Stock Exchange beneath the ticker “GUG.” It’s the firm’s additional armamentarium with a authorization to add crypto allocation. In Nov. 2020, Guggenheim launched the Macro Opportunities Fund, which can accept up to 10% allocation in Grayscale Bitcoin Trust (GBTC).
The Guggenheim Active Allocation Fund will advance primarily in anchored crop instruments accumulated with a “diversified basin of another investments and disinterestedness strategies,” according to the filing.
The armamentarium is a “closed-end administration advance company,” acceptation its shares are not redeemable and can alone be awash on the market. The allotment affair may additionally entail a lock-up acceding to bind affairs during that time. The lock-up action is agnate to GBTC, which comes with a six-month brake for issuers.
