United Kingdom-based Ruffer Investment Management made a $1.1 Bln profit within five months from investing in Bitcoin [BTC, -0.63%], consistent with an official report.
A Ruffer investment director revealed that the firm sold its bitcoin as the younger people wouldn’t be spending a lot of time trading now that the lockdowns are ending, consistent with The Sunday Times report.
“When the worth doubled we took some profits for our clients earlier in December and earlier in January.
We actively managed the position and by the time we sold the last tranche earlier in April the entire profit was slightly over $1.1 Bln,” Hamish Baillie, the investment director, outlined.
The firm invested 2.5% of its $27 Bln portfolios into bitcoin in November and took profits earlier this year as the cryptocurrency price doubled to around $40k.
Also earlier in February, Duncan MacInnes, the co-manager of Ruffer Investment, outlined that the firm had around $700 Mln left in bitcoin as the company reported a net profit of $750 Mln overall.
Ruffer made its bitcoin purchase via One River Digital as well as Coinbase.