Multi-billion dollar wealth management firm Neuberger Berman intends to invest up to 5% of its $ 164 million commodity mutual fund in bitcoin with immediate effect, according to its latest amended filing with the Securities and Exchange Commission (SEC) of the United States. United States.
An immediate exposure
The New York-based company has announced plans to gain indirect exposure to bitcoin via Bitcoin futures and BTC exchange-traded funds (ETFs), the latter approved for trading in Canada.
"Effective immediately, the Neuberger Berman Commodity Strategy fund investment strategy will enable the fund to invest up to 5% of its assets in cryptocurrency investments through bitcoin futures and investments in securities of exchange traded funds organized and listed for trading. in Canada to obtain indirect gains from exposure to bitcoin ”.
The document stated that Neuberger is seeking indirect exposure to cryptocurrency investments for two main reasons. First, the company wants to grow the fund and use it as a hedge against fiat inflation, and second, the company wants to exploit the price trends of the cryptocurrency market which could be a potentially profitable source of income.
The new amendment, which was filed on August 20, also replaced the company's original deposit on August 11 which included both BTC and ETH derivatives. quotation in real time) as additional investment options for the fund.
Other companies drop Ethereum Futures / ETFs from the SEC application
Neuberger notably eliminated any mention of ETH in its latest filing, making it the third major company in the US to rethink its strategy as it sought approval from the US SEC to diversify its cryptocurrency portfolio.
Wealth management firms VanEck and ProShares also withdrew their applications for their ETH futures ETFs a day or two after their initial submission on August 18. The companies also clarified that no stock had yet been sold in relation to either company. According to VanEck's statement, the Trust had decided not to proceed with offering the ETH product at the time.
However, a senior Bloomberg analyst, Eric Balchunas, commented on the withdrawal from the companies, saying the US SEC may have closed the claims. Balchunas added that the US SEC could tell wealth management firms to settle for BTC ETFs for now.
“As long as we only see Ether expelled, I'd say that's good news for Bitcoin ETFs. A bit like they say, let's take a small step forward, just bitcoin rn. "
Meanwhile, in addition to approving BTC ETFs, Canada has multiple Ether ETFs, including CI Canadian Ethereum ETF, Purpose Ether ETF, Evolve Ether ETF, and 3! Q Coinshares Ether ETF.
