2 years ago
Bridgewater Associates is preparing to backmost its archetypal crypto fund.
The world’s largest hedge money is readying to backmost an outer vehicle, 2 sources told CoinDesk. It has nary existent volition of straight investing successful crypto assets itself, a root said.
It’s the clearest awesome to day that the world’s largest hedge fund, presently with $150 cardinal successful assets nether absorption (AUM), is taking crypto earnestly arsenic an plus people – speech from laminitis Ray Dalio’s announcement successful May 2021 of a idiosyncratic concern successful bitcoin.
That said, the size of Bridgewater’s concern is minuscule compared to its full AUM, 1 of the sources said, and different salient crypto investors are successful talks to put successful the fund.
When reached past period by CoinDesk, a Bridgewater spokesperson said the steadfast did not presently person plans to put successful cryptocurrencies – contempt 4 sources saying the hedge money elephantine was owed to participate the abstraction by mid-2022.
“While we won’t remark connected our positions, we tin accidental Bridgewater continues to actively probe crypto but is not presently readying connected investing successful crypto,” a Bridgewater typical told CoinDesk via email connected Feb. 22. Bridgewater issued a report connected organization crypto trends successful January.
The spokesperson did not supply a effect to a petition for remark sent Monday.
Connecticut-based Bridgewater was founded successful 1975 by Harvard Business School postgraduate Dalio from his Manhattan apartment. Something of a talismanic fig successful the satellite of investing, helium has been public astir personally holding bitcoin, referring to it arsenic “one hellhole of an invention.”
Bridgewater is plotting a akin way to London-based hedge money Marshall Wace, which was reported to beryllium lasting up a crypto fund, on the aforesaid lines arsenic Point72 and Brevan Howard.
Some sources were airy connected details astir the tie-up but the radical CoinDesk spoke with agreed connected a unsmooth timeline for Bridgewater’s crypto debut.
“Bridgewater is successful a first-half program this year,” said 1 of the sources successful February. “They’re readying connected having a tiny slug of their money deployed straight into integer assets.”
Another idiosyncratic acquainted with the hedge fund’s crypto trading plans said: “Bridgewater is looking to get involved. They are doing superior diligence: liquidity, work providers and whatnot.”
Zack Seward contributed reporting.
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Danny is CoinDesk's lawman concern editor. He owns BTC, ETH and SOL.
Ian Allison is an award-winning elder newsman astatine CoinDesk. He holds ETH.
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