German asset manager Union Investment seeks BTC exposure for several funds

Union Investment, a $500 billion asset manager, is planning to add (BTC) to several investment funds as part of a targeted pilot program for its institutional clients, offering compelling evidence that crypto is becoming more mainstream in Europe's largest economy.

The Frankfurt-based institution told Bloomberg on Monday that it is considering adding BTC to a small number of investment funds that will only be available to private investors. For each fund, Bitcoin exposure will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is likely to commence in the fourth quarter, though no fixed timetable was given.