Manager Brevan Howard has announced that it will invest part of its portfolio in Bitcoin. According to Bloomberg, the investment will be made through the manager’s main hedge fund.
The fund in question has $ 5.6 billion in assets under management, of which 1.5% will be allocated in Bitcoin. That means an investment of $ 84 million that will be made in the cryptocurrency.
Taking into account the current quotations, the fund has the equivalent of R $ 31.9 billion. With that, the investment in Bitcoin will be R $ 478 million.
Fund to diversify capital among cryptocurrencies
The investment was confirmed to Bloomberg by a source who works at Brevan Howard. The person spoke on condition of anonymity, claiming that the investment is still of a private nature.
The initial allocation will be overseen by Johnny Steindorff and Tucker Waterman, co-founders of the cryptocurrency investment firm Distributed Global.
Investment will also not be restricted to Bitcoin. According to the source, other cryptocurrencies are in the manager’s scope. However, she did not say what they would be. The Brevan Howard fund will bet on the growing appreciation of cryptocurrencies.
Brevan Howard has a history in cryptocurrencies
As an institution, this is Braven Howard’s first investment in cryptocurrencies. However, the manager’s co-founder, Alan Howard, can be considered a veteran in the market.
According to the source, Howard invests his personal money in cryptocurrencies. And Brevan Howard already has a 25% stake in One River Asset Management.
This company has US $ 2.5 billion in market value, about R $ 14.2 billion in the current price. She manages some cryptocurrency funds that are supported by Howard.
The management partner, Distributed Global, has Howard as one of its investors since the beginning of 2018. This company also manages a venture capital fund in cryptocurrencies.
Brevan Howard was created in 2003 by Howard and a group of traders. Since then, its best year has been 2020, when its fund returned 27.4%. Taking into account the history, investment in Bitcoin can further leverage this return.
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