Ruffer Investment Confirms Massive Bitcoin Buy of $744M
Ruffer confirmed the size of its tremendous bitcoin investment in an email to CoinDesk.
Dec 16, 2020 at 1:31 p.m. UTCUpdated Aug 19, 2021 at 6:09 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/RTYV3GZ3IBGFBDBTQ3GXWJJU7A.jpg)
U.K.-based Ruffer confirmed the size of its tremendous bitcoin investment from November in an email to CoinDesk Wednesday.
STORY CONTINUES BELOW
- "Ruffer's exposure to bitcoin currently totals around £550m, equivalent to around 2.7% of the firm's assets under management," a spokesperson told CoinDesk in an email.
- Based on current exchange rates, £550 million is worth $744.26 million or roughly 45,000 BTC based on November 2020 prices.
- The investment was "primarily a protective move for portfolios" to "act as a hedge" against "some of the risks that we see in a fragile monetary system and distorted financial markets."
- Ambiguous wording in Ruffer's initial shareholder memo created uncertainty whether the investment was 2.5% of the multi-strategy fund or 2.5% of the funds total more than $20 billion in managed assets.
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)