In the latest development, the UK-based investment management firm, Ruffer has reportedly made around $1.1 billion in just five months from investing in the digital asset. The company had initially invested approximately $600 million or around 2.5% of its $27 billion portfolios into Bitcoin in November last year. Ruffer made profits earlier this year when Bitcoin surged all the way to $40,000, as it doubled from the asset manager’s original investment.
It sold up a part of its Bitcoin holding “because younger people wouldn’t be spending so much time trading now that the lockdowns are ending.”
Hamish Baillie, who happens to be an investment director at Ruffer, was quoted saying,
“When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion.”
Ruffer’s debut in Bitcoin Market
Despite being skeptical of the entire ecosystem, Ruffer had been following the market for a few years before entering officially in November last year.
The latest news, however, comes four months after the asset manager raked in a profit of a whopping $750 million after selling a portion of its Bitcoin investment. The platform’s entry into the Bitcoin market demonstrated the first strong case large investors making debut with the help of “trusted partners.” From MassMutual to Guggenheim and many more since then, this rally was driven by some of the big names in the industry that managed to pocket quick gains.
Bitcoin [BTC] was down by a significant lot since hitting its all-time high of around $65,000 this year. More specifically, the world’s largest cryptocurrency has shed almost 80% of its gains in this quarter. The breakneck rally that preceded the latest sideways price movement, however, has rewarded BTC advocates and believers across the globe.
So much so, that Bitcoin went on to mint, not just new crypto billionaires but also helped several companies to rake in billions in profits in a short span of time.