A hedge fund led by Tudor Jones, investing in spot Bitcoin?

It has been shown that renowned US investor Paul Tudor Jones is using cryptocurrency custody such as Coinbase, Tagmi, and Bakkt. It was revealed from a document filed with the US Securities and Exchange Commission (SEC). Coinpost reported this on the 6th.

Paul Tudor Jones is a prominent investor who leads the large-scale hedge fund “Tudor Investment Corporation” with a total value of 449 billion dollars (about 500.4 trillion won). In 1987, the global stock price collapsed Black Monday, and the announcement of holding bitcoin in May 2020 was an opportunity for institutional investors to lower the cryptocurrency investment threshold.

In May 2020, it was Jones who announced that he had invested 2% of his portfolio in bitcoin, in addition to the fact that the US CME (Chicago Merchandise Exchange) purchased bitcoin futures, but it was unclear whether it was in- kind or futures investment . (As of 2020, Paul Tudor Jones’ net worth is about 6.42 trillion won. 2% is about 120 billion won)

In the list of companies kept in a document filed by Tudor Investments with the SEC at the end of March, the names of cryptocurrency Custudy’s Coinbase Custudy, Bakkt Trust, and Tagami Trading were listed. All three companies provide custodial business for institutional investors, and Tagami was acquired by Coinbase in May 20th.

In addition, the document filed with the SEC does not record how much bitcoin or cryptocurrency is deposited in the above companies , but it seems that they have in- kind bitcoins through the aforementioned custodial company . (Custody is in-kind storage service)

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[The reason for Tudor Jones to pay attention to Bitcoin]

When investing in bitcoin in May last year, Tudor Jones explained that the limit for issuance of bitcoin leads to scarcity, and focused on the fact that it is the only asset in the world that has a clear upper limit on the amount of issuance.

In addition, the GMI of Bitcoin was reminiscent of gold in the 70s, and it was mentioned that it is close to money in that it is easy to transfer money, unlike gold, which is a storage means of the same value.

It is pointed out that Tudor Jones, which is highly regarded in the existing financial industry, has laid the groundwork for other financial companies to confidently announce their investment in cryptocurrencies, including bitcoin, by revealing their bitcoin investments.

In 2020, in addition to the investments in bitcoin by renowned investors such as Stanley Druckenmiller and Bill Miller, the same prominent investors, MicroStrategy and Square of U.S.-listed companies expressed their possession of bitcoin as a financial asset of the company. In 2021, the participation of institutional investors such as Goldman Sachs and Morgan Stanley will increase, leading to an improvement in the image of the cryptocurrency market.

Note: Documents to be submitted for sec

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.