GoldenTree, run by Founder and Chief Investment Officer Steven Tananbaum, has added bitcoin to its balance sheet, The Street reported earlier today.
GoldenTree, with $41 billion in assets under management, is one among a growing number of traditional hedge funds purchasing bitcoin.
According to The Street, GoldenTree has purchased bitcoin to diversify the conservative, debt-based strategies it has used in the past. The primary sources of this information chose to remain anonymous while reporting the sensitive business information to The Street.
One of the sources said that recently executives at GoldenTree have been considering hiring general crypto investment and operational experts.
Notably, despite Tannabaum and partners Deeb Salem and Joseph Naggar’s prior participation in a funding round for Borderless Capital, a business that is concentrated around an altcoin, GoldenTree is at this time choosing to purchase bitcoin only, The Street reported.
How much bitcoin the hedge fund has purchased, how much it plans to purchase and what sort of custody solution they will use remains unknown.