$166B Asset Manager Renaissance Eyes Bitcoin Futures for Flagship Fund

Renaissance Technologies’ market-crushing Medallion fund is considering jumping into bitcoin futures, recent regulatory filings show. The quantitative analysis-heavy firm has “permitted” the Medallion fund to enter the Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures market, according to the March 30-dated Form ADV investor brochure. Renaissance, which had nearly $166 billion in regulatory assets under management at the end of 2019 according to that filing, has effectively signaled that bitcoin could or already is a factor for its flagship Medallion fund, whose 66 percent average pre-fee annual return since 1988 is unmatched on Wall Street. The Wall Street Journal reported Friday that the $10 billion Medallion fund had through April 14 returned 24 percent after fees in 2020, trouncing traditional market indices like the S&P 500 and DJIA, which had both shaved more than 8 percent of their value over the same period. Read More...

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