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According to a recent report from two persons with direct knowledge on the matter, Soros Fund Management is now actively trading Bitcoin and looking to other cryptocurrencies for investment opportunities to leverage.
The news comes after Dawn Fitzpatrick, Soros Fund Management’s Chief investment officer, gave an “internal green light” to actively trade the alpha cryptocurrency. The reports have not identified who exactly at Soros is overseeing the investment firm’s foray into crypto trading activities.
Sources indicate that Fitzpatrick has been in contact with investment counterparts from other firms to try to hire a new agent to run through Soros’ emerging crypto strategy. To date, it has been reported that Soros has ongoing private stakes in blockchain technology companies.
Soros is known as an investor in NYDIG, the Bitcoin-focused financial technology subsidiary of Stone Ridge, a $10 billion alternative asset manager. NYDIG currently has over $6 billion assets under custody. Soros has also turned in investments in Lukka, a data and analytics service provider partnering with fund managers to collate crypto and digital asset data sets.
Soros is a global fund manager with investment professionals strategizing positions for over $27 billion worth of assets under management (AUM). Soros is currently engaged in a broad range of investment strategies, including debt, equity, and commodities. The firm is also reported to engage in venture stakes in firms, as well as limited-partnership stakes to other hedge fund managers.
"When it comes to crypto generally, I think we are at a really important moment in time in that something like Bitcoin might have stayed a fringe asset, but for the fact that over the last 12 months we've increased money supply in the U.S. by 25% percent [such that] there is a real fear of debasing fiat currencies." Fitzpatrick said in a statement earlier this year.
According to one of the reference persons, Fitzpatrick has been “doing more than just kicking the tires” on the subject of cryptocurrencies. The sources further claim that Fitzpatrick has been exploring the crypto and blockchain space for a long while, before deciding to ramp up investment operations in digital assets.
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