Frankfurt-based asset management company Union Investment is going to add Bitcoin to its various funds.
Daniel Bathe, senior commodities portfolio manager, told Bloomberg that the allocation will be limited to 2%:
We are considering adding bitcoins in small amounts of 1% to 2% maximum to a handful of other funds for private investors.
Union Investment plans to ramp up its Bitcoin exposure starting from the fourth quarter, but there is no fixed date as of now.
The company, which has 368.2 billion euros (roughly $437 billion) under management, first dipped its toes into Bitcoin in early 2021. The firm added delta-one certificates that track the value of the largest cryptocurrency to one of its mixed investment funds (PrivatFonds Flexibel Pro).