Asset management firm GoldenTree is reportedly buying bitcoin.

According to recent reports, the asset management firm, GoldenTree, is adding bitcoin to its balance sheet in a bid to diversify its portfolio. According to sources close to the matter, the move offers the firm a more broad mix of debt-focused strategies. The report also states that GoldenTree is considering hiring cryptocurrency investment and operational experts in its bid to shift attention to the industry. Several other major institutions have shown interest in bitcoin recently. 

GoldenTree is only focused on bitcoin at the moment. 

As of now, no details have been shared in terms of how much bitcoin has been purchased by the firm, but the firm is apparently only focused on bitcoin at the moment. The reports of GoldenTree purchasing bitcoin come when asset management firms and institutional investors see an increase in demand for blockchain and crypto offerings. Earlier, Germany updated its fixed investment rules to allow institutional funds to hold up to 20% of their portfolios in crypto. The latest decision was received positively as the country had hitherto remained fairly conservative regarding the cryptocurrency industry. 

Major institutional investors plan to invest in cryptocurrencies. 

According to a recent survey by Fidelity Digital Assets, around 71% of institutional investors plan to invest in cryptocurrencies in the future, while 90% of institutions interested in digital assets plan to have an allocation by 2026. The growth of the crypto and blockchain industry this year has also seen banks begin to take notice. As reported earlier, major banks such as JPMorgan have already begun to offer their clients exposure to cryptocurrencies. The US bank currently offers access to five crypto funds – four of which are from Grayscale Investments, with the fifth from Osprey Funds.