UK-based firm Ruffer has managed to make $750 million of profit following an increase in the value of its initial investment in Bitcoin. The investment company, which manages $27.3 billion in assets allocated 2.5% of its multi strategies fund to Bitcoin last year in November. This amounted to a $15 million purchase according to Alex Krüger.
Upon the growth in their investment, Ruffer chose to sell the asset, which allowed them to earn a significant amount of profit.
Additionally, co-manager of Ruffer Investment, Duncan MacInnes told The Telegraph that financial market conditions for Bitcoin right now “could not be better.” MacInnes further added:
We still have around $700 million left in and are currently up by $750 million overall.
We’ve been surprised by how well it has done and how quickly. We did not expect immediate fireworks.
The firm’s Chairman Jonathan Ruffer earlier said that Bitcoin is “becoming a challenger to gold’s” and was a “supra-currency.” He believed that the company’s Bitcoin holding would help them in the event of devaluation of fiat. At the time, Jonathan Ruffer believed that his company made a timely decision to invest in Bitcoin when it did.
Last year, Ruffer’s Bitcoin purchases happened to be the biggest such investment, for any hedge fund that has bought the crypto, at least in one go. Earlier, Singapore based Three Arrows Capital, which is another hedge fund, made a billion-dollar purchase of stock traded Bitcoin.
Bitcoin has been down by 0.6% in the past hour and was trading at $36,860, at press time.
Subscribe to our Newsletter