Ruffer Investment Confirms Massive Bitcoin Buy of $744M
Ruffer confirmed the size of its tremendous bitcoin investment in an email to CoinDesk.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LF2BPWMNAVCTRDS2BFDXR6L77U.jpg)
(Shutterstock)
U.K.-based Ruffer confirmed the size of its tremendous bitcoin investment from November in an email to CoinDesk Wednesday.
- "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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.