Union Investment, an investment arm of the DZ Bank Group and part of the cooperative financial services network, is planning to allow its private clients to invest in bitcoin (EXANTE: Bitcoin) and other cryptocurrencies as the Bundestag passed the bill that allows institutional clients with a minimum volume of €10 million euros put up to 20% of their balance sheet in crypto.
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Portfolio manager, Daniel Bathe, told Bloomberg Television that the fund is considering adding bitcoins "in small amounts of 1% to 2% maximum to a handful of other funds for private investors." While the exact date remains unknown, Bathe says the fund might open the new service in Q4 this year. As of June 2021, Union Investment had €427.2 billion in assets under management.
In February this year, SynBiotic SE, a German company listed on the Düsseldorf Stock Exchange, has become the first public company in the country to start converting part of its free liquidity into bitcoin. SynBiotic CEO, Lars Müller, pointed out that bitcoin is the opposite of traditional currencies, as its issuance is limited to 21 million coins.
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