Coindesk Logo

Hedge Fund Billionaire Invests 10% Net Worth into Bitcoin and Ether

Hedge Fund Billionaire Invests 10% Net Worth into Bitcoin and Ether

Hedge Fund Billionaire Invests 10% Net Worth into Bitcoin and Ether

A hedge fund billionaire reportedly called bitcoin and ether the "best investments" of his storied career at an event on Wednesday.

A hedge fund billionaire reportedly called bitcoin and ether the "best investments" of his storied career at an event on Wednesday.

A hedge fund billionaire reportedly called bitcoin and ether the "best investments" of his storied career at an event on Wednesday.

AccessTimeIconApr 21, 2017, 12:00 PM
Updated Aug 16, 2021, 12:33 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A former principal at Fortress Investment Group claims to have invested 10% of his overall net worth into cryptocurrencies.

Speaking at a Harvard Business School forum on Wednesday, Michael Novogratz discussed his outlook on blockchain and digital currencies, according to a report by CNN Money.

Participating on panel that included representatives from Microsoft and CME Group, Novogratz said he has invested in both bitcoin and ether, the cryptocurrency that powers the ethereum blockchain, calling the moves the "best investment" of his life, the report said.

CNN further detailed how Novogratz said he invested in ether when it was trading for just $1, having been impressed by ethereum founder Vitalik Buterin at a dinner party held at his home.

According to CoinDesk's Ether Price Index, the cryptocurrency was trading at around $48 at the time of publication.

While such outsized statements may seem unusual from a financial industry veteran, Fortress Investment Group was actually one of the earliest firms to show an interest in the sector, investing into a $150m hedge fund called Pantera Capital in 2014.

Novogratz was notably involved in the early formation of the group, according to reports at the time, serving as co-chief investment officer of Pantera Bitcoin Partners, the fund managed by Pantera Capital.

He would later step down from his position as CIO of the Fortress Macro Fund, which represented roughly 3% of the firm's total assets under management, at the time it was closed.

Correction: An earlier version of this article mistakenly referred to Novogratz as the founder of Fortress. This has been revised.

Novogratz image via YouTube

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.