New York-based investment management firm Neuberger Berman has filed for a commodity-focused fund to be able to gain indirect exposure to crypto investments. 
In a filing with the Securities and Exchange Commission today, the investment firm said its Commodity Strategy Fund would allow investors to have indirect exposure to cryptocurrencies and digital assets through Bitcoin (BTC) and Ether (ETH) futures, as well as Bitcoin trusts and exchange-traded funds. According to the filing, the fund plans to gain exposure to crypto through a subsidiary.
Neuberger Berman reported the fund had more than $164 million in assets under management as of July 31, roughly 0.04% of the firm’s total AUM, $402 billion. The company published a blog in March from senior figures at the firm saying “an investment in cryptocurrency should not be considered part of a standard asset allocation.”
“We’d rather view [Bitcoin] as an option that pays off when expectations for an uncertain, inflationary future increase, and make the finite, non-human controlled supply dynamics of cryptocurrencies valuable,” said the firm. “Those with exposure should understand the speculative nature of their investment and — potential windfalls notwithstanding — be prepared to part with almost all their committed capital.”
Related: GoldenTree Asset Management is reportedly investing in Bitcoin
The Neuberger Berman filing comes following comments from SEC chair Gary Gensler, who recently hinted that he would be more open to accepting exchange-traded funds based on crypto futures rather than through direct exposure. Asset manager VanEck and investment firm Invesco have both announced plans to launch ETFs with indirect exposure to crypto through Bitcoin futures and other investment vehicles.