Guggenheim’s New Fund May Seek Exposure to Bitcoin. Is Scott Minerd Still Bearish?

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Alex Dovbnya

Guggenheim is seeking to take a more active role in the cryptocurrency market against the backdrop of Scott Minerd’s bearish tweets

The Guggenheim Active Allocation Fund, a new fund registered by asset management giant Guggenheim Investments, may seek exposure to Bitcoin, according to a June 1 filing with the U.S. Securities and Exchange Commission.

It may invest in crypto directly or indirectly (via cash-settled derivatives contracts).

The filing states that the fund’s cryptocurrency position may be adjusted over time, and crypto may not always be part of its portfolio.

It lists a reversal in the adoption of crypto, government restrictions, and negative public perception among potential risks tied to crypto.    


Actions speak louder than words

Notably, Scott Minerd, chief investment officer of Guggenheim Partners, will be responsible for the day-to-day management of the fund’s portfolio.

As reported by U.Today, Minerd likened cryptocurrencies to the Dutch tulip bubble last month, which prompted many to accuse him of flip-flopping given that he predicted that Bitcoin could reach $600,000 just a few months ago.

The executive later clarified that he viewed Bitcoin and Ethereum as “the survivors” but also warned that it could take a while for them to get back on their feet after the brutal crash in May. 

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