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Apart from founder Ray Dalio's announcement in May 2021 of a personal investment in bitcoin, it's the clearest indicator to date that the world's largest hedge fund, with $150 billion in assets under management (AUM), is taking crypto seriously as an asset class (BTC).
Bridgewater's investment, however, is insignificant in comparison to the firm's overall AUM, according to one of the sources, and other big crypto investors are in talks to participate in the fund.
When contacted by CoinDesk last month, a Bridgewater spokeswoman stated that the firm does not currently have plans to engage in cryptocurrencies, despite four sources claiming that the hedge fund behemoth would do so by mid-2022.
“While we won’t comment on our positions, we can say Bridgewater continues to actively research crypto but is not currently planning on investing in crypto,” On February 22, a Bridgewater representative told CoinDesk via email. In January, Bridgewater published a research on institutional crypto trends.
A request for comment forwarded to the spokeswoman on Monday went unanswered.
Connecticut-based Dalio, a Harvard Business School graduate, launched Bridgewater from his Manhattan apartment in 1975. He has been open about personally holding bitcoin, referring to it as “one hell of an invention,” and has become something of a talismanic figure in the world of investment.
Bridgewater is following in the footsteps of London-based hedge fund Marshall Wace, which was recently rumoured to be launching a crypto fund, similar to Point72 and Brevan Howard.
Although some sources were tight-lipped about the partnership, those who talked with CoinDesk agreed on a rough schedule for Bridgewater’s crypto launch.
“Bridgewater is in a first-half plan this year,” said one of the people in February. “They’re planning on having a small slug of their fund deployed directly into digital assets.”
According to another source acquainted with the hedge fund’s cryptocurrency trading operations said: “Bridgewater is looking to get involved. They are doing serious diligence: liquidity, service providers and whatnot.”
