Bitcoin is Fortress Financial Group's Biggest Loser
Fortress Investment Group is the first large public company to file Bitcoin holdings with the SEC. (NYTimes) Fortress Financial Group LLC, an asset manager worth $4.25 billion, reported in its annual SEC filing a $3.7 million unrealized loss in bitcoin holdings. I wouldn't feel too bad for Fortress though, as its latest financial report includes this statement by CEO Randy Nardone: “It was an outstanding year for Fortress, driven by strong investment performance across virtually all asset classes and funds. Full year distributable earnings per share increased by nearly 70% over 2012, and....
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Fortress Investment Group purchased $20m worth of bitcoins last year, according to a recent filing with the SEC. Back in December it was rumoured that Fortress had plans to launch a bitcoin investment fund. The news was first reported by CNN, but it could not be confirmed until now. Fortress is said to be developing a new investment vehicle based on bitcoin which is expected to be an unlisted Exchange Traded Fund (ETF). The move appears to have been connected to San Francisco-based Pantera Capital. Pantera then registered an investment advisor entity called Pantera Bitcoin Advisors LLC and....
A top hedge fund manager is reported to have given Bitcoin an endorsement of sorts, reports the Financial Times. Michael Novogratz, macro fund co-chief at Fortress Investment Group said Bitcoin could be an effective way to transmit money to countries with less-than-impressive banking systems. Not only that, but Novogratz, along with colleagues at Fortress have taken "personal positions" in the cryptocurrency. The Financial Times report indicates that Fortress themselves have taken a look at Bitcoin, but subsequently decided it's "too speculative" for their funds. It's big news for the....
Ripple, a prominent cryptocurrency firm, has announced its acquisition of Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technology infrastructure for blockchain innovators. With a focus on providing back-end infrastructure for payments, asset tokenization, and other services, Fortress Trust serves a wide range of clients, from Fortune 500 businesses to fintech startups, […]
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....
We already know that SecondMarket has launched The Bitcoin Investment Trust this year, but it looks like another financial group is looking to get a piece of the bitcoin action. It is being reported that Fortress Investment Group is starting a bitcoin fund, which is said to be larger than SecondMarket's current offering. In late October, a top hedge fund manager at the company - Michael Novogratz - publicly endorsed the digital currency, so the move here isn't that surprising. Details on this particular story aren't quite clear, and there's an extreme lack of information on the matter. The....