GoldenTree asset management, an investment firm founded in 2000 by Steve Tananbaum, has reportedly been stockpiling Bitcoin for several years now.
The firm, which holds over $45 billion worth of assets under management, has made its move into the crypto space by acquiring an undisclosed amount of Bitcoin.
According to a Saturday report by The Street, the New York-based firm has been adding Bitcoin to its balance sheets as a form of expansion to the wide range of debt-focused strategies it is known for. GoldenTree has also reportedly had internal discussions to create a team solely dedicated to its cryptocurrency investments.
This move further increases the number of large asset managers who continue to show interest in Bitcoin and other digital currencies. Institutional investors are also seeing an increase in demand for crypto services.
As reported by BTC PEERS, German regulators recently approved new policies that allow institutional funds to invest up to 20% of their portfolio in cryptocurrency. Meanwhile, banking giants such as JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), and The Bank of America (NYSE:BAC) are already offering crypto services to their clients.