According to Chief Investment Officer Daniel Ivascyn, US fixed income management giant PIMCO has invested in cryptocurrencies and plans to invest more in digital assets.
In an interview with CNBC on Wednesday, Chief Investment Officer Daniel Ivascyn confirmed that PIMCO had exposure to “crypto-related securities” through various portfolios. He said the company plans to gradually increase its exposure to the asset class as part of a “trend-following or quantum-driven strategy.”
“This will be a gradual process, we’ve spent a lot of time talking to investors. And we’re going to take small steps in a rapidly growing area. ”
His comments come as Bitcoin hits an all-time high following the successful launch of the first U.S. Bitcoin futures ETF. It is considered a turning point for the burgeoning crypto industry, which has long led to greater adoption of digital currencies on Wall Street.
“You need to understand decentralized finance (DeFi) because it will be disruptive and most likely disrupt our centralized finance industry,” said Ivascyn. PIMCO is considering strategies that can help us ensure that the company is competitively prepared for the rapidly changing environment, especially for the younger generation of the investment community.
Founded in 1971, PIMCO is one of the world’s largest asset managers with a focus on active fixed income securities. The company’s total assets under management as of December 31, 2020 were $ 2.2 trillion.
Institutions have invested in cryptocurrencies for much of 2021, reflecting the growing mainstream adoption of digital assets. A survey by Nickel Digital Asset Management in September found that nearly two-thirds, or 62 percent, of global institutional investors with no exposure to cryptocurrencies planned to make their first investments within 12 months. Meanwhile, institutional capital has been a major driver of crypto trading, which rose 706% in Asia over the past year, according to data from Chainalysis.
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According to AZCoin News