GoldenTree, a hedge fund with $41 billion in assets under management, has added bitcoin to its balance sheet, The Street reported earlier today.
According to The Street, GoldenTree purchased bitcoin to diversify from the conservative, debt-based strategies it has used in the past. The news outlet did not identify its sources, stating only they were "granted anonymity to discuss sensitive business dealings."
One of the sources said that executives at GoldenTree have been considering hiring general cryptocurrency investment and operational experts.
However, the source added that the partners at the fund are already experienced in “trading crypto and making VC-style investments in blockchain companies.”
GoldenTree is at this time choosing to purchase bitcoin only, The Street reported.
Still, how much bitcoin the hedge fund has purchased, how much it plans to purchase in the future and what sort of custody solution they will use remains unknown.
For more information on this developing story, visit TheStreet.com/crypto.