Investment Bank Buys Bitcoin, Says it is Now “Part of the System”

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An investment bank with $3 billion in yearly revenue and some $50 billion in assets under management now holds bitcoin in its long only portfolio for pension funds. Christopher Wood, the Global Head of Equity Strategy at Jefferies said in a note to investors that: “This is the year bitcoin has become investible for institutions with custodian arrangements available and with prominent investors and indeed institutional investors declaring that they have bought it. Bitcoin has now become part of the system with opportunities also for retail investors to buy into it via quoted vehicles.” The investment strategist was impressed by MicroStrategy putting its treasury holdings into bitcoin. Jefferies acted as the sole manager on the $650 million convertible offering by MicroStrategy, with Wood so hearing of this bitcoin investment through a friend he said. This marks a watershed moment, Wood said, as both the auditors and the SEC approved of…

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