A British investment company, Ruffer Investment, liquidated part of its bitcoin position after a doubling in the asset’s price. The Telegraph.
Chief investment officer Duncan MacInnes said the firm did not expect such a rapid payoff. He said Ruffer had exited $650m — nearly the entire amount invested in November.
With Bitcoin’s price rise, the firm still held about $700m in bitcoin. Assets have since risen to more than $750m in total, MacInnes said.
Ruffer holds £1.14m (~$1.5m) of MicroStrategy stock, the Nasdaq-listed software provider. The company has also invested £2.17m (~$2.9m) in Galaxy Digital, the crypto bank led by Mike Novogratz.
In December 2020, the British firm with assets of about $27 billion confirmed its investment in the first cryptocurrency worth £550m (~$743.7m). Its bitcoin position accounted for 2.7% of assets under management.
As noted in the end-2020 review, Ruffer Investment suggested that Bitcoin is at the beginning of a lengthy process of institutional adoption.
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