New York-based asset management company Neuberger Berman, which controls more than $ 402 billion in private equity, has set aside up to 5% from its $ 164 million Commodity Strategy Fund to invest in bitcoin products such as bitcoin futures and Canadian bitcoin currency trading funds.
In a regulatory filing with the U.S. Securities and Exchange Commission, the 82-year-old company said its decision would be “effective immediately” and that the Berman program Commodity Strategy Fund could invest $ 8.2 million from the commodity fund.bitcoins, products, directly or through a wholly owned subsidiary,” as with other contracts.
In the U.S., the Futures program will be conducted on CFTC-regulated exchanges, such as the Chicago Mercantile Exchange. The option to trade in Canadian bitcoin ETFs reflects the lack of U.S. ETFs.
Friday’s filing replaced the filing previously distributed to shareholders on August 11. Friday Yesil was also given the green light to invest in Ethereum derivatives, but Friday’s change is a departure from all Ethereum mentions in relation to bitcoin alone.
Neuberger joins a large number of senior asset management executives dealing with crypto. In April this year, Morgan Stanley announced that some of its funds would be able to place up to 25% of its total assets in bitcoin futures and a bitcoin Trust. Similarly, Goldman Sachs has announced plans to trade Ethereum futures in October in addition to the bitcoin futures it already trades.
Small asset management organizations already have a significant amount of cryptography. The Goldman Sachs report highlights that 15% of the 150 family offices surveyed worldwide already use crypto. For U.S. respondents, the figure is 25%.
While bitcoin’s historical growth may have cooled in recent months, the market is slowly recovering and attracting some of the new private and corporate interests.
