On Nov. 27, Guggenheim Funds Trust filed an amendment with the U. S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund to invest in Bitcoin.

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and has more than $233 billion in total assets across fixed income, equity, and alternative strategies. It focuses on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, wealth managers, and high net worth investors.

But the fund plans to invest 10% or 5M of its net asset value to Bitcoin indirectly through Grayscale’s Bitcoin Trust product (GBTC). As further stated in its filing:

“To the extent, the Fund invests in GBTC, it will do so through a wholly-owned subsidiary, which is organized as a limited company under the laws of the Cayman Islands (the “Subsidiary”). Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies.”

Guggenheim investing in Bitcoin is another addition to Wall Street giants that have already ventured into the cryptocurrency.

Grayscale’s Bitcoin Trust product (GBTC) is also a Wall Street giant. It is a financial vehicle that enables investors to trade shares in trusts holding large pools of Bitcoin. It has a total BTC holding of 449,596 BTC equivalent to 2.14% of bitcoin’s total supply making it the largest BTC public holder.

Other prominent Wall Street institutions that have invested in Bitcoin include Microstrategy, Stone Ridge, PricewaterhouseCoopers(PwC), Black Rock, Goldman Sachs to name a few.

The adoption of bitcoin by global institutions has made a huge impact on the price of bitcoin. With the ongoing trend, bitcoin has experienced a price surge in the past few days. On Oct. 21, Paypal has announced the adoption of cryptocurrencies on its platform which include BTC, the digital asset recorded a significant 4.99% price increase just within 24 hours. And because of the massive adoption, experts have been optimistic that the cryptocurrency will soon reach its most anticipated price at 20K. Although Bitcoin experienced a sharp dive this week, it is now slowly recovering. Bitcoin price dropped to $16,200 but as of writing, BTC is now at $18,000.