Ruffer Turned Bitcoin Investment Into a $1.1B Profit in 5 Months: Report

The investment firm says it sold the last of its bitcoin because younger people would not be spending so much time trading as lockdown restrictions are relaxed.

Jun 6, 2021 at 4:40 p.m. UTC
Updated Sep 14, 2021 at 1:07 p.m. UTC

U.K.-based Ruffer Investment Management made a $1.1 billion profit in five months from investing in bitcoin, according to a published report.

  • A Ruffer investment director said the firm sold its bitcoin because younger people would not be spending so much time trading now that the lockdowns are ending, according to The Sunday Times report.
  • “When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion,” Hamish Baillie, the investment director, said.
  • The firm invested 2.5% of its $27 billion portfolios into bitcoin in November and took profits earlier this year as the cryptocurrency more than doubled to around $40,000.
  • In February, Duncan MacInnes, the co-manager of Ruffer Investment, said the firm had around $700 million left in bitcoin as the company reported a profit of $750 million overall.
  • Ruffer made its bitcoin purchase via One River Digital and Coinbase.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
CoinDesk - Unknown
Bitcoin registra ocho semanas de pérdidas, pero el indicador de sentimiento sugiere un alza

Los indicadores de sentimiento tocaron fondo el lunes.

Los indicadores de sentimiento tocaron fondo el lunes.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto News Roundup for May 24, 2022

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

CoinDesk - Unknown
4
CoinDesk - Unknown
Miladys NFT Prices Tumble After Creator Doxxes Self as Person Behind Controversial 'Miya'

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

CoinDesk - Unknown