Asset Management Firm GoldenTree Reportedly Purchases Bitcoin (BTC)

Asset manager GoldenTree is reportedly the latest firm to add bitcoin (BTC) to its balance sheet, a report by financial news outlet The Hill says.

GoldenTree Purchases Bitcoin (BTC)

GoldenTree, a New York-based asset management firm has reportedly added the premier cryptocurrency bitcoin to its balance sheet. That being said, the exact amount of BTC added to the balance sheet remains unknown at press time.

Notably, GoldenTree has assets worth more than $45 billion under management but has, at multiple times, shied away from establishing any close association with digital currencies.

The Hill, citing two sources close to the matter, notes that the bitcoin purchase made by GoldenTree was followed by discussions between executives pertaining to hiring staffers with expertise in crypto investments.

With the wider crypto markets finally showing some signs of relief, it would not be surprising to come across news of several more companies announcing their pivot to digital assets.

Institutions Continue to Double Down on Crypto-Assets

The institutional foray into the rapidly expanding cryptocurrency industry is not just a meme.

2021 witnessed a large number of firms – both public and privately-held – venture into the volatile crypto waters as a bet on its bright future.

As many might know, MicroStrategy started the trend of companies putting bitcoin into their balance sheets not too long ago and has continued to purchase BTC despite the recent uncertain market conditions which saw the largest cryptocurrency crash from $64k to as low as $29k.

In addition to MicroStrategy, another major US-based publicly traded firm that added bitcoin to its balance sheet is Elon Musk’s Tesla.

Tesla’s relationship with bitcoin has been on-and-off which became pretty evident when Musk announced the company would temporarily halt accepting payments in BTC for Tesla until the majority of its mining energy comes from renewable sources.

However, in the recently held B-Word Conference with Twitter CEO Jack Dorsey and Ark Invest’s Cathie Wood, Musk noted that Tesla would “most likely” resume the bitcoin payments service sometime soon.

Elsewhere in Asia, Chinese firm Meitu recently announced it had added both bitcoin and ether (ETH) to its balance sheet.