By Hassan Mehmood (Saudi Arabia)
The Neuberger Berman is one of the largest and most successful Strategy Commodity Fund management enterprises based in New York. The investment vehicle recently declared that it is going to make a shift into the cryptocurrency market that has been growing steadily. The focus of the said enterprise is on the two largest cryptocurrency derivatives, i.e., Bitcoin and Ethereum.
At present, the investment giant AUM is valued at 402 billion USD. With such a huge investment capital, the company is looking for regulated futures and other contract-based investment options that are tied with the crypto market. According to a new filing with the Securities and Exchange Commission, the enterprise is seeking futures exposure through its subsidiary.
Thus far, SEC has not approved any Bitcoin or Ethereum based ETFs in the United States. However, many investors believe that the application submitted by VanEck has a high chance of getting a go-ahead. This belief is reflected in Neuberger Berman Strategy Fund management that is aiming to allocate $164 billion worth of their investment capital into the crypto derivatives market, seeking products like trusts and ETFs.
Also read:At present, the largest portion of the investment enterprise is put into Gold, making up 7.9%. On the other hand, the second and third largest portfolio diversification is placed in corn at 7.0% and heating oil at 6.6% simultaneously. Other than that, VanEck SEC has received four other Bitcoin ETF applications that are based on the 1933 Commodity Act.
Steve Eisman’s Relationship with Bitcoin
Steve Eisman has been serving as managing director for Neuberger Berman for many years. His stance towards cryptocurrencies has not been very positive. In 2018, he told the media that Bitcoin and other cryptocurrencies do not have a real purpose and further added that there is no financial basis to find out the real evaluation of the tokens. After some time, he exclaimed that he was unable to understand the blockchain technology altogether and prefer to stay out of the said market. However, the recent change of heart seems to the point that the company is trying to cater to the popular demand of their clients. Eisman is known for rightfully predicting the bubble of the real estate market in 2007 and making a huge profit from the market crash in 2008.
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