PPP advisor buys bitcoin futures for $4 billion
A PPP firm has bought the futures of bitcoin and ethereum, according to a filing by the Securities and Exchange Commission.
The SEC filed the registration statement with the Commission on Friday that details a PPP buyout of the futures contracts, which trade on the U.S. and European markets.
The filing is the first time PPP has announced such a move, according a spokesperson.
PPP said the transaction is expected to close by June 1, 2017.
The company, which has about $500 million in revenue, has been working with bitcoin and ether to build new products.
PPC recently partnered with an investment firm, Circle Capital, to start a platform that will allow users to invest in bitcoin and other blockchain-based currencies.PPP, which is led by former Goldman Sachs executive Peter Vessenes, has a history of investing in blockchain-related startups, including the Bitcoin Foundation and the New York-based Digital Currency Group.
The company also is involved in other digital asset investments.