Financе

Scottish Mortgage Ord Ploughs $100 million (£72m) Into Crypto Dealer Blockchain.com

  • Scottish Mortgage is making the most significant single investment in Blockchain.com to date
  • Scottish Mortgage closely follow its two new investments
  • Invested in an aerospace manufacturing firm and payments platform, Adyen

Cryptocurrency has come of age and is here to stay as more and more investors are expressing interest in it. The latest in this process is Scottish Mortgage (LSE: SMT), which has announced that it will be investing $100 million (£72 million) in Blockchain.com. 

According to ii.co.uk, the UK’s most prominent cryptocurrency company is making the most significant single investment in Blockchain.com to date.

The cryptocurrency firm also revealed that it included Baillie Gifford in the process. 

The ii.co.uk quoted a spokesperson for Baillie Gifford, who confirmed the $100 million investment was made via Scottish Mortgage. The stake is a minuscule percentage (0.4)% of Scottish Mortgage’s overall assets of £18 billion.

Backed transformational growth in the past

The spokesman further added that Baillie Gifford has in the past backed transformational growth companies at their early stages. The company always believed in Blockchain.com’s management team and value proposition and thought that it could provide long-term investment returns to its clients.

ii.co.uk states that in February, 16.6% of Scottish Mortgage’s assets were with unquoted entities. Last June, its shareholders decreed to increase the maximum percentage permitted in privately held companies from 25% to 30%.

The latest investments by Scottish Mortgage closely follow its two new assets – Relativity Space, an aerospace manufacturing firm, and payments platform Adyen (EURONEXT: ADYEN). 

More and more houses are investing in cryptocurrencies. Ruffer had six months back caused a ruffle when it revealed that it has invested in Bitcoin. ii.co.uk states that 2.5% of Ruffer’s portfolio exposed to Cryptocurrency.

   

Source

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Close

Become a Millionaire by Trading Crypto!