The commodity-focused fund of New York-based private investment firm Neuberger Berman has been cleared to invest in regulated Bitcoin and Ethereum futures through a subsidiary.
Neuberger Berman Commodity Strategy Fund will soon be able to gain exposure to Bitcoin and Ethereum via regulated futures and various investment vehicles such as trusts and exchange-traded funds that offer indirect exposure to cryptocurrency.
Gold is currently the largest asset managed by the Commodity Strategy Fund. It accounts for 7.9% of the shares. Meanwhile, corn and heating oil make up 7% and 6.6%, respectively.
In May 2018, the managing director at Neuberger Berman, Steve Eisman, dismissed Bitcoin, claiming that the digital asset had no purpose. His said:
You're buying and selling something that's impossible to value […] Steven Eisman (speaking of himself) does nothing with the big Bitcoin. I stay out of it…I don't understand it. I don't know how to value it.