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The crypto market’s unprecedented rally saw Bitcoin and Ether smash previous records and set new all-time highs. One of the rally’s winners is the British investment Ruffer which bought BTC in November and managed to make hundreds of millions of dollars in profits just months after.
Ruffer Investment Management made $750 million in profits from its Bitcoin investment in less than two months, Coindesk reported. The firm, which bought BTC back in November, made a killing as the crypto more than doubled to around $40,000 last month.
It appears that even the firm’s fund managers were surprised by their crypto investment’s performance. “We’ve been surprised by how well it has done and how quickly,” Ruffer Investment co-manager Duncan MacInnes told Telegraph. “We did not expect immediate fireworks,” Duncan MacInnes, co-manager of Ruffer Investment told the newspaper.”
The London-based firm invested 2.5 percent of its portfolio into Bitcoin back in November 2020. Ruffer paid around $600 million for its BTC purchase at that time, which was down through Coinbase and One River Digital.
When Bitcoin’s price skyrocketed, Rugger opted to liquidate a large portion of its crypto holdings leaving only $700 million behind. The firm made $650 million in profit from the sale. “We still have around $700 million left in and are currently up by $750 million overall,” MacInnes explained.
MacInnes said that the firm has been keeping track of Bitcoin for a few years but was previously skeptical of the crypto. “The economic environment for bitcoin right now could not be better,” he explained Ruffer’s change of sentiment.
While BTC’s price retreated after soaring past $40,000 last month, Ruffer is still optimistic about the crypto and said that institutional adoption is still in its early stages. “We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialization of bitcoin,” the company wrote in its Investment Manager’s Review for the period ending December 31, 2020.
“Our underlying reasoning is that bitcoin is becoming a challenger to gold’s standing as the one supra-currency, the thing to own when fiat currencies are kerplunked,” the firm explained its investment in the crypto.
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