Fun

Multi-Billion Dollar Hedge Fund Goldentree Is Reportedly Adding Bitcoin to Its Balance Sheet

News Feed - 2021-08-01 08:08:10

Multi-Billion Dollar Hedge Fund Goldentree Is Reportedly Adding Bitcoin to Its Balance Sheet


The hedge fund Goldentree, a firm with $41 billion in assets under management (AUM) has reportedly added the leading crypto asset bitcoin to its balance sheet. Unnamed sources detail that the American asset management firm leveraged bitcoin to diversify from traditional debt investment strategies. The wealth management firm allegedly has been looking for staff that understands blockchain technology and it’s possible Goldentree is circling distressed businesses within the crypto industry. Goldentree Asset Management Invests in Bitcoin: Report


A recent report stemming from the financial publication The Street, says the mega-hedge fund Goldentree has purchased bitcoin (BTC). The author of the report, Michael Bodly did not reveal the unknown source who explained that Goldentree invested in bitcoin. A source disclosed that executives at Goldentree are looking into employing staff that understands crypto solutions and blockchain tech.


Despite looking for help, the undisclosed source told the reporter that the fund was fluent with things like “trading crypto and making VC-style investments in blockchain companies.” It’s also been said that three Goldentree executives have invested in the venture capital group Borderless Capital. The report does not disclose how much Goldentree purchased, but it was said the hedge fund was looking for investment vehicles that are different from debt-based instruments.


“The New York-based firm has been adding bitcoin to its balance sheet as a diversifier for the broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter,” The Street journalist Bodly writes. “The sources were granted anonymity to discuss sensitive business dealings,” the author’s report adds. Goldentree Could Be Circling for Distressed Tech Companies


The unidentified source means, as far as the alleged BTC on the company’s balance sheet is concerned, Goldentree won’t be included on the Bitcoin Treasuries list. As of July 31, 2021, 59 public and private firms hold bitcoin (BTC) on their balance sheets. Goldentree was founded 21 years ago by Steven Tananbaum, a well known American hedge fund manager. Bloomberg referred to Tananbaum as “one of Wall Street’s biggest investors in distressed debt” in 2018. Bitcoin (BTC) as an investment vehicle is quite the opposite of traditional debt-based strategies Goldentree typically leverages.


Goldentree’s investment strategy has allowed it to capture $41 billion AUM from things like distressed and leveraged loans, and emerging debt markets. There’s also a possibility that Tananbaum and Goldentree are circling the crypto and blockchain industry for distressed startups. In 2015, CNBC nicknamed Tananbaum a “vulture investor” that was circling indebted tech companies. Since The Street reported on Goldentree’s alleged bitcoin purchase, the hedge fund has neither confirmed nor denied the allegations.


What do you think about the report that says Goldentree is stacking bitcoin in its treasury? Let us know what you think about this subject in the comments section below. Big Investors Are Pushing up Valuations of Crypto Firms FINANCE | 1 day ago Fed Governor Lael Brainard Can’t Imagine Future Without Digital Dollar FINANCE | 1 day ago Tags in this story $41 billion, Balance Sheet, Bitcoin, Bitcoin (BTC), Bitcoin Investing, Blockchain, Borderless Capital, Crypto, distressed debt, Distressed Tech Companies, Goldentree, Goldentree Asset Management, Goldentree executives, hedge fund, Steven Tananbaum, Treasury, vulture investor, wealth management


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Japan to Relax Cryptocurrency Listing Rules
Japan to Relax Cryptocurrency Listing Rules The Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to allow crypto trading platforms to list coins without going thr
Bitcoin metric calls 'local bottom' as traders eye sub-$60K BTC price
William Suberg9 hours agoBitcoin metric calls "local bottom" as traders eye sub-$60K BTC priceBTC price expectations demand a trip below $60,000 before upside continuation, but a market top and bottom metric says the wor
Bitcoin Attempt To Dip Below $96K ‘Led To Nothing’ – Analyst Expects $100K Soon
Este artículo también está disponible en español. Bitcoin has been on a remarkable upward trajectory, pushing above the $96,000 mark for several days after consolidating
Bitcoin ‘Sales Pressure’ Building Up — What This Means
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales
Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales Cryptocurrency-related lending has become a black smudge for the
Digital Platform for Smart-Contracts Barter Smartplace: Future Unicorn of Decentralized Commerce Sells Tokens With a 50% Discount
Digital Platform for Smart-Contracts Barter Smartplace: Future Unicorn of Decentralized Commerce Sells Tokens With a 50% DiscountThe Barter Smartplaceblockchain ecosystem team belie
Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community Council
Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community Council The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be repres
Bitcoin price retests $63K despite GBTC outflows dropping below $100M
William Suberg9 hours agoBitcoin price retests $63K despite GBTC outflows dropping below $100MBitcoin bulls fail to catch a break as BTC price weakness defies a slowdown in GBTC offloading.4143 Total views27 Total shares
CBOE gives official launch date for spot Ethereum ETF
Vince Quill2 hours agoCBOE gives official launch date for spot Ethereum ETFThe Chicago Board Options Exchange has confirmed that five spot Ethereum ETF products will begin trading on July 23.2263 Total views3 Total share
Bitcoin futures open interest hits all-time high — Is it a red flag for BTC price?
Marcel Pechman2 hours agoBitcoin futures open interest hits all-time high — Is it a red flag for BTC price?Traders’ strong appetite for leverage could be creating the perfect scenario for cascading liquidations.3891
Top 10 Alternative Cryptocurrencies Hit 6 Month Lows
Nearly all top 10 alternative cryptocurrencies by Market Capitalization have hit their respective 6-month lows after bitcoin’s rapid price slide dragged the rest of the markets into the red on Tuesday.
Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’
Visualize Crypto Transaction Privacy Scores With Blockchair"s "Privacy-o-Meter"On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new