Bridgewater Associates plans to return its original crypto wallet,.
Ray Dalio's hedge fund does not currently plan to invest directly in cryptocurrencies, the report said.
Investment is small compared to Bridgewater's $ 150 billion in managed assets, according to its source.
Ray Dalio's Bridgewater Associates plans to fund a crypto fund for the first time.
The hedge fund will invest in a foreign crypto-currency vehicle, but has not yet planned to invest directly in crypto assets itself, the report said, citing unnamed sources.
This is the first indication that the world's largest hedge fund, with nearly 150 billion assets under management, accepts digital assets. It also underscores the strength of interest in crypto among top financial institutions.
But Bridgewater's investment in crypto currency - which is likely to continue in the first half of 2022 - is much smaller compared to holding assets.
"They are planning to have their small wallet packed directly into digital assets," a source told reporters.
Some prominent crypto investors are said to support the fund. Bridgewater did not immediately respond to Insider's request for comment.
In a January study report, Connecticut-based Bridgewater said it believed "crypto markets were now large enough to allow for large-scale positions for institutional investors."
The institutional space is moving fast, and several hedge funds are flowing into digital assets. London-based investment company Marshall Wace last year reportedly looked to grow a new investment fund in blockchain technology, digital payment systems, and stablecoins.
Billionaire Steve Cohen's Point72 Ventures is already making five investments in the crypto industry, with plans to start investing tokens this year.
Dalio, Bridgewater's founder and chief financial officer, has always been open to cryptocurrencies. He called the bitcoin bubble in 2017, and three years later, set out three reasons why it could not function as a successful currency.
But he changed his mind in 2021, even praising the leading cryptocurrency for its sustainability.
"It has not been stolen. It has never been made obsolete. It has proven itself to be a valuable asset," he told Insider in a December interview. "Probably the next generation gold version."
Dalio revealed separately in December that he owns more ether than bitcoin, claiming that cryptocurrencies make up a "small portion" of his portfolio.
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