- Asset manager Ruffer has profited by greater than $1 billion BTC in profit.
- The major holders of $5.2 billion BTC are MicroStrategy, Tesla, and Square.
Asset manager Ruffer generated more than $1 billion in profits from a $600 million Bitcoin (BTC) investment made in November 2020.
Hamish Baillie, financial director of the London-based asset management agency, revealed in an interview with The Times – that Ruffer closed his Bitcoin position in April with a profit of more than $1.1 billion:
“We made some profits for our customers in December and early January when the price doubled. We actually managed the position and by the time we sold the last tranche in April, the total profit was a little over $1.1 billion.”
Baillie claimed that Ruffer was one of the first fund managers to purchase BTC as the company’s short-term funds. At the time of financing, the value of Bitcoin exceeded $15,000, and he has been checking so much. In 2017, it reached a high of nearly $20,000.
The funding director attributed Bitcoin’s parabolic surge at the end of 2020 to the US. For preventing the pandemic and economic stimulus payments. He mentioned that part of the reason the company provided its assets was that young traders did not spend much time buying and selling. Now sell cryptocurrency. The conclusion is coming to an end.
The agency has shifted profits from BTC transactions to other “protective” assets, similar to government bonds related to inflation. However, Baillie believes that large financial institutions as well as Ruffer and Goldman Sachs will continue to buy bitcoin, stating that another purchase is “certainly not off the menu.”
Ruffer is not the only major financial institution involved in cryptocurrency. With knowledge from Bitcointreasuries.org shows that currently, 36 listed companies have BTC on their stability charts.
Top Bitcoin holders
Currently, only 6% or 16% of listed companies investing in Bitcoin are below the status of Nexon, Meitu, and Seetee. The total BTC value of the three major holders MicroStrategy, Tesla, and Square is $5.2 billion.
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Source: https://thenewscrypto.com/london-wealth-manager-takes-out-1b-profit-from-600m-btc-purchase/
