British hedge fund earned $650M from selling half of its Bitcoin holdings

posted 23 days ago
British hedge fund Ruffer Investment Management disclosed it earned £540 million from its Bitcoin investment in less than 60 days, selling half its holdings in order to take the profit. Ruffer saw “immediate fireworks” after investing about 2.5% of its assets into Bitcoin about three months ago, resulting in millions in gains as the price of Bitcoin rose past $20,000 and on to a new all-time high of more than $42,000 in January. Rather than keeping all its Bitcoin assets, the British financial juggernaut, however, disclosed that it had sold roughly half its BTC holdings.

“The 2.5% allocation we made in November across all our funds, which totaled around $600 million — this has more than doubled so we decided to take out our ‘book cost’ and take $650 million in profits,” said Ruffer co-manager, Duncan MacInnes. “We still have around $700 million left in and are currently up by $750 million overall.”
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