Luke Ellis, the CEO of UK-based hedge fund Man Group, has indicated that the company could be mulling a decision to launch a Bitcoin futures offering.
Earlier this year, Bitcoin’s value soared after CME (Chicago Mercantile Exchange) Group announced that it would officially launch Bitcoin futures trading pending a regulatory review period; and now the CEO of Man Group, Luke Ellis, has quipped that that Bitcoin may soon form a part of the company’s ‘investment universe’.
Speaking to Reuters, Ellis quipped that “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”.
CME Group CEO Terry Duffy recently revealed that the firm would aim to launch Bitcoin futures trading before the close of 2017 pending a regulatory review period – in recent comments, the CEO recently quipped that a cryptocurrency-based futures contract could launch as soon as mid-December this year.
CME Group, in conjunction with Crypto Facilities Limited, launched the BRR (Bitcoin Reference Rate) in 2016, which serves as a once-a-day reference rate that tallies the USD price of Bitcoin; the group clarified earlier this year that new contracts would be cash settled and based on the BRR.
Ellis did not provide further insight as to whether Man Group would trade CME’s Bitcoin futures or whether Man Group would pursue direct interaction with cryptocurrency markets.
At the time of CME Group’s announcement on the 1st of November, Bitcoin’s price advanced 2.1% – providing indication that a positive clarification from Man Group might offer an enticing price bump.
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EDIT: 13:54 – added clarification on Man Group’s potential strategy.