Bitcoin futures are all the rage right now, with CME poised to launch contract trading in a matter of weeks. Their arrival will enable investors to speculate on the price of bitcoin without having to actually hold the cryptocurrency. Now, Britain’s Man Group could be next to get in on the act, with CEO Luke Ellis saying they expect to emulate their transatlantic counterparts.
Futures For All
As the world’s largest publicly traded hedge fund, with $103.5 billion under their control, Man Group carry some clout. Last year the London-based firm of 1,250 employees reported revenue of $827 million. If the active management business were to jump on the bitcoin bandwagon, it would be another major boost for the cryptocurrency.
Speaking to Reuters on Tuesday, Man Group’s CEO Luke Ellis said:
Conceptually digital currencies are an interesting thing. It’s not part of our investment universe today – it could be. If there is a CME future on bitcoin, it would be.
Given that CME futures aren’t an ‘if’ but a ‘when’, with CEO Terry Duffy having confirmed the approximate launch date just days ago, Ellis may have been unaware of the latest developments. It seems unlikely that Man Group would be capable of launching their own futures trading contracts at such short notice. Nevertheless, the intent is clearly there, signaling that institutional investors are looking very closely at bitcoin.