Asset manager Neuberger Berman gave its Commodity Strategy Fund the green light to invest indirectly in cryptocurrencies, a regulatory filing showed.
The US$164.4 million mutual fund, which invests in commodity-linked futures contracts, can now add exposure to futures for cryptocurrencies, including bitcoin and ether, bitcoin trusts and exchange-traded funds, the company said in an U.S. SEC filing https://bit.ly/3lZVIdE dated Aug. 11.
Its portfolio managers see cryptocurrencies as increasing diversification and providing a hedge against higher inflation, a spokesman for the fund told Reuters.
"Accessing these markets through exchange traded instruments is a prudent way to gain exposure, which the portfolio management team will seek to do over the coming weeks and months," the spokesman added.
The US$433 billion firm previously said that "the Bitcoin phenomenon is worth watching closely," in a March blog post.
Other investment firms, including JPMorgan Chase & Co, have recently given select clients access to cryptocurrency funds as bitcoin has rocketed in value, jumping over 53per cent since the start of 2021.
(Reporting by Lisa Pauline Mattackal in Bengaluru; Editing by Dan Grebler)