George Soros, a famous billionaire, seems to have entered the cryptocurrency space. In particular, Soros Fund Management, the investment company founded by Soros, has invested in two Bitcoin (BTC) focused companies. Here are the details…
George Soros’ cryptocurrency investments exposed
Famous billionaire investor and philanthropist George Soros stepped into the world of cryptocurrencies with a surprising move. According to a recent press release from the US Securities and Exchange Commission (SEC), investment firm Soros Fund Management, founded by Soros, has invested heavily in two crypto-related assets: Bitcoin mining company Marathon and software company MicroStrategy, known for its Bitcoin assets.
Soros Fund Management reportedly purchased $39.6 million worth of convertible bonds at Marathon late last year. The bonds can be converted into Marathon stock at a later date, giving the fund an opportunity to take advantage of any future price increases of the company’s stock. Additionally, the fund has both buying and selling of 50,000 shares of MicroStrategy, allowing it to profit from possible price movements in either direction. Soros Fund Management also owns approximately $200 million worth of MicroStrategy preferred stock.
Soros was known for his criticisms of crypto
Famous for his successful bets against the British Pound in the early 1990s, Soros’ move to crypto may come as a surprise in the investment world. Because, as we have reported as Kriptokoin.com, Soros has openly criticized cryptocurrencies in the past. He described cryptos as a “bubble” and “a typical exaggeration, always based on some kind of misunderstanding.”
However, it seems that Soros and his team saw something in Marathon and MicroStrategy that convinced them to invest. Both companies are actively involved in the Bitcoin market, with Marathon mining and MicroStrategy holding a significant amount of cryptocurrency on its balance sheet. Bitcoin has seen a resurgence in interest and price appreciation over the past year, with many traditional investors and companies taking notice.
Soros’ fund’s move is remarkable
Soros Fund Management’s investment in Marathon and MicroStrategy could be a sign that more traditional investors are starting to take cryptocurrencies seriously. While some investors are skeptical of the technology, others see potential and a hedge against inflation in the underlying blockchain technology.
As always, investment decisions should be made carefully and investors should do their due diligence before making any moves in the market. However, Soros Fund Management’s investment in Marathon and MicroStrategy is a remarkable development in terms of the continued evolution of cryptocurrencies and their place in the investment world.
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