Soros fund reportedly preparing to trade cryptocurrencies

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The head of macro investing at billionaire George Soros’ family office is planning to trade cryptocurrencies, Bloomberg said Friday, citing sources familiar with the matter.

Soros Fund Management’s Adam Fisher received internal approval to trade digital assets in the last few months but has not taken action yet, the report said, citing sources.

The firm declined to comment to CNBC.

The news comes as bitcoin has fallen roughly 50 percent for the year so far and is trading at about a third of its record high above $19,000 hit in mid-December.

George Soros said in a speech at the World Economic Forum in Davos, Switzerland, in January that cryptocurrency is a “typical bubble.” However, he said the underlying blockchain technology could be put to “positive use.”

Regulatory filings for the fourth quarter of 2017 showed Soros’ family office became the third-largest shareholder of Overstock.com, a home goods e-commerce company that has drawn Wall Street’s interest for its plans to develop a digital asset trading platform.

Read the full Bloomberg story here.

— CNBC’s Arjun Kharpal contributed to this report.



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