UK Hedge Fund Brevan Howard Plans to Invest 1.6% of $5.6B Capital in Cryptocurrencies
European hedge fund Brevan Howard Asset Management is reportedly planning to invest part of its capital in Bitcoin, according to Bloomberg.
Hedge Fund Joins League of Institutional Investors
Per the report, the firm is set to invest up to 1.6% of its $5.6 billion capital in cryptocurrencies. This translates to about $84 million soon to be allocated into digital assets.
Co-founders of crypto investment firm Distributed Global, Johnny Steindorff and Tucker Waterman, will oversee the crypto purchase for Brevan Howard.
The billionaire co-founder, Alan Howard has been investing in cryptocurrencies with his personal investments. He joins the likes of wall street heavyweights backing cryptocurrencies.
Howard owns a significant stake in European cryptocurrency asset manager CoinShares. He has also led and participated in many funding rounds for crypto startups. These include European companies such as Komainu and Nextmarkets.
More To Come, Less To Go
With the increasing debut of institutional investors in cryptocurrencies across the world, experts believe that more will come in and less will go because of the rising value of Bitcoin. At press time, Bitcoin trades at $61,896, still down 1.6% in the last 24 hours.
As a result, the coins being mined are not even enough to meet the people's demand. Most experts believe the short squeeze is also a factor driving crypto prices.