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Fortress Investment Group Puts $20 Million Into Bitcoin

Avatar newsbtc 6 years ago

Fortress Group Bitcoin Purchase

An SEC filing from last year shows that the Fortress Investment Group previously purchased $20 million worth of bitcoin. The company is reportedly preparing themselves for a launch of an Exchange Traded Fund (ETF).

At the end of 2013, the group reported having on the order of $16.26 million worth of bitcoin holdings, reporting over $3.7 million in losses or unrealized gains, according to bitcoin news website CoinDesk. When you consider how much the price have dropped since the end of last year, it’s very likely the company’s losses are, at this juncture, even greater.

All told, this makes Fortress the first public company with a significant amount of holdings in the digital currency. The question now is: will others in the finance industry follow suit?

Read the full report at CoinDesk.

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