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Guggenheim Funds Trust has recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to allow its $5 billion Macro Opportunities Fund to invest up to 10% of its net assets in the Grayscale Bitcoin Trust (GBTC).

This also means that Guggenheim Partners, a financial services company with a total asset management scale of up to $275 billion, will be the latest Wall Street investment institution to hold a public position in Bitcoin, and in terms of fund size, it may be the largest financial institution invested in the Bitcoin field to date. Documents submitted by Guggenheim to the SEC show that:

The Guggenheim Macro Opportunities Fund may seek to indirectly expose Bitcoin by investing up to 10% of its net asset value in the Grayscale Bitcoin Trust.

According to data from independent rating company Morningstar, the Guggenheim Macro Opportunities Fund currently manages $5.3 billion in assets and is rated "four stars" based on the risk-adjusted returns of 270 non-traditional bond funds.

Guggenheim described the overall fund strategy for the institutional-grade stock as the investment team’s “highest conviction” product. If the fund holds 10% of GBTC, the holding would be worth more than $500 million.

However, the filing also mentions a long list of possible investor risks associated with cryptocurrencies, including a lack of cryptocurrency trading regulations, Grayscale Bitcoin Trust’s historical “significant premium” to net asset value, and uncertainty about tax laws and regulations. The filing refers to cryptocurrencies as “digital assets intended to be used as a transaction intermediary.”

Guggenheim’s preparations are one of the latest examples of the recent increase in acceptance of Bitcoin by large financial institutions. In August, business intelligence software company Microstrategy bought nearly 40,000 Bitcoins, and financial services company Square also bought $50 million worth of Bitcoin in October.

The news also highlights that financial institutions’ interest in Bitcoin investment has increased significantly and is snowballing.