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After earning $1 billion in less than 6 months, Ruffer is poised to do more Bitcoin transactions in the future.
Asset manager Ruffer made over $1 billion in profit from a $600 million Bitcoin investment the company made in November 2020.
Speaking to The Times, chief investment officer at London-based asset management firm Hamish Baillie revealed that Ruffer closed his Bitcoin position with a profit of over $1.1 billion for the month. 4:
“When the price doubled, we made some profit for our clients in December and early January. We were actively managing the position and by the time we sold the last tranche in May. 4, the total profit is a little over $1.1 billion.”
Baillie claims Ruffer became one of the first fund managers to buy BTC in a rare short-term investment for the company. At the time of the investment, the Bitcoin price had reached $15,000 and was pushing up to test the all-time high of nearly $20,000 that was set in 2017.
The chief investment officer attributes Bitcoin’s late 2020 bull run to the pandemic and stimulus spending in the United States. He said the company sold its holdings in part because younger investors won’t spend as much time trading cryptocurrencies as the social distancing period ends.
The company has moved profits made from BTC trading to other “protected” assets such as inflation-linked government bonds. However, Baillie is confident that major financial institutions, including Ruffer and Goldman Sachs, will continue to buy Bitcoin, stating that another purchase is “definitely not off the list:”
“If you have a multi-asset strategy then things that work in different ways are really helpful. Doesn’t mean a lot of content if all your disparate pieces of content move with the same momentum.”
Ruffer is not the only major financial institution getting into crypto, with data from Bitcointreasaries.org showing that 36 publicly traded companies currently hold BTC on their balance sheets.
Only six or 16% of publicly traded companies investing in Bitcoin are currently reducing their positions, including Nexon, Meitu, and Seetee. The top three holders — MicroStrategy, Tesla, and Square — are holding a total of $5.2 billion worth of BTC.
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