Fortune’s Dan Primack reports Fortress Investment Group is launching a Bitcoin fund.
Back in October, Fortress CIO Michael Novogratz alluded to his firm’s growing interest in the cryptocurrency, saying, “Put a little money in Bitcoin…Come back in a few years and it’s going to be worth a lot.”
It now seems Fortress is putting its $US58 billion assets-under-management where its mouth is.
“… The Fortress effort will be something like an unlisted currency ETF (similar to [SecondMarket’s] Bitcoin Investment Trust), with Fortress also perhaps raising a separate vehicle to back Bitcoin-related startups. And there likely is some relationship to a new Bitcoin-related fund raised by Pantera Capital, a San Francisco-based hedge fund whose clients are known to include several Fortress executives.”
The aforementioned SecondMarket was the first major firm to launch a major Bitcoin investment fund (we’re not counting the Winklevoss’ Bitcoin ETF, which does not yet officially exist). A few weeks ago, SecondMarket founder and CEO Barry Silbert predicted 2014 would be “the year of Wall Street and Bitcoin.”
It seems to be shaking out that way.
Business Insider Emails & Alerts
Site highlights each day to your inbox.