THE Neuberger Berman (NB), a New York manager that controls more than US$402 million in private equity, has set a limit for its commodity fund to have indirect exposure to the largest cryptocurrency of the world.
Now, the manager allows her “Commodity Strategy Fund”, which manages US$ 164 million, invest up to 5% in products of bitcoin (BTC), like future contracts and index funds (ETFs) Canadians.
In document sent to the US Securities and Exchange Commission (SEC), the octogenarian company stated that its verdict “enters into force from now on”, according to the decrypt.
Thus, Neuberger will invest $8.2 million of its commodity fund in bitcoin products.
Futures will be traded on platforms regulated by the US Commodity Futures Trading Commission (CFTC), such as the Chicago Mercantile Exchange (CME).
Decrypt mentions that the broker’s choice to trade Canadian bitcoin ETFs reflects the lack of these types of funds in the US.
On August 11, in a document sent to its shareholders, Neuberger wanted to give the green light to invest in derivatives linked to the ether (ETH), but the most recent document made no mention of cryptocurrency.
The manager’s decision to add investments with cryptocurrencies is in line with the initiative of other banks, such as Morgan Stanley, which, since april, allows up to 25% of total assets to be in bitcoin futures and in the Bitcoin Trust fund (GBTC) from Grayscale.
Goldman Sachs plans to trade ether futures in addition to the bitcoin futures it already trades.
According to a report by Goldman, 15% of the 150 “family offices”, which participated in his survey and are spread around the world, already store cryptocurrencies. About 25% of these respondents are Americans.
Right now, the crypto market is recovering. Bitcoin is being traded at US$ 49.6 thousand. ether is costing about $3,300.
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