The United States-based Ruffer confirms its actual tremendous bitcoin investment since November to date.
“Ruffer’s exposure to Bitcoin [BTC, +2.68%] presently totals around £550m, like around 2.7% of the firm’s assets under management,” a spokesperson added.
Based on the present exchange rates, £550 Mln is worth $744.26 Mln or roughly 45k Bitcoin [BTC] based on November 2020 prices.
The Ruffer investment was “primarily a protective move for portfolios” to “act as a hedge” against “some of the risks that we see within a fragile monetary exchange 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 Bln in managed assets.
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