Connect with us


Asset Managing Firm Profits From Bitcoin Investment

Wealth managing firm Ruffer has earned more than $1 billion worth of profit from a Bitcoin investment it made worth $600 million in November 2020. In an interview with The Times, Hamish Baillie, investment director at Ruffer, disclosed that the firm wound up its Bitcoin position for above $1.1 billion worth of profit in April.

He went on to say that when the value doubled, they gathered some profits for their customers in the months of December and the beginning of January. He said that when they sold the last remaining share in April, the total revenue was slightly above $1.1 billion.

Baillie states that Ruffer was one of the first asset managers to invest in Bitcoin as a transient investment for the company. During the time of the investment, the value of the cryptocurrency had cleared $15K, driving up to test the then peak of $20K that had been determined in the year 2017.

The asset manager linked Bitcoin’s delayed 2020 price recovery to the COVID-19 lockdown as well as incentive pay-outs in the US. He revealed that the firm sold its assets party due to the reason that younger shareholders would not be trading cryptocurrencies as much now that lockdowns are coming to a close.

The company has moved its Bitcoin trade profits into other defensive assets such as inflation-related government bonds. Baillie is sure that large financial corporations, Ruffer and Goldman Sachs included, will still be investing in Bitcoin, affirming that another investment is not out of the question.

Ruffer is not the only established financial corporation to be involved in crypto. According to what Bitcoin Treasuries suggest, 36 publicly trading firms hold Bitcoin on their ledgers. 16 percent or six publicly trading firms that bought Bitcoin are, as of now, down on their position.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Crypto

Dogecoin News Hub