US investment company Tiger Global Management has revealed it has made an investment in crypto exchange Coinbase, CNBC has reported.
The company has reported it has acquired 2.6 million shares of Coinbase for a total of $680 million. COIN was trading at $256.83 (-1.69%) at the market close on Monday.
The investment in Coinbase will allow Tiger Global to gain access to the crypto market, as the platform's shares correlate with digital assets. Many investors prefer this approach because they trust the regulated stock market more than the crypto market. For the same reason, instruments such as Grayscale Bitcoin Trust (GBTC) securities are in demand.
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Last year, Tiger Global brought in approximately $10.5 billion to investors, making the firm one of the best-performing hedge funds.
Tiger Global specializes in areas such as the Internet and fintech, and has around $80 billion under management.