GoldenTree, a New York-based asset management firm, is said to have added Bitcoin to its balance sheet, however, the size of the alleged investment remains unknown.
According to a story published Friday by financial news outlet The Street, the firm, which manages around $45 billion in assets, has purchased some Bitcoin (BTC) but has reportedly avoided other cryptocurrency investments.
The journal stated that the BTC purchase followed discussions between executives about adding personnel acquainted with crypto investing, citing two persons with knowledge of the situation.
Borderless Capital, which previously helped develop an accelerator program from Algorand, received money from the firm’s executives, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar.
Borderless also took part in a funding round for Securitize, a digital asset securities startup sponsored by Coinbase.
Other asset management businesses have begun to enter the crypto industry as well, either through direct investments or by selling Bitcoin and other tokens as investment vehicles.
Stone Ridge Asset Management filed a prospectus with the US Securities and Exchange Commission last week. BTC will be added to the Securities and Exchange Commission’s open-end mutual fund.
Horizon Kinetics, a contrarian investing firm, recommended investors seek exposure to crypto assets to safeguard themselves against currency depreciation on Wednesday.