United Kingdom-based Ruffer Investment Management has sold off half of its BTC holding after making more than $750 million in less than two months.
Going by a report from a British news outlet, The Telegraph, the investment manager, Ruffer, saw a very huge return after investing relatively 2.5% of its assets into Bitcoin (BTC) about two months ago, resulting in millions of dollars in profits as the price of the flagship digital asset skyrocketed past $20,000 to record a new all-time high of $42,000 in January 2021.
However, Ruffer decided to initiate a sell-off of half of its BTC holdings rather HODling it all.
Reporting the development, Ruffer co-manager Duncan MacInnes said:
“The 2.5% allocation we made in November across all our funds, which totalled around $600 million — this has more than doubled so we decided to take out our ‘book cost’ and take $650 million in profits. We still have around $700 million left in and are currently up by $750 million overall.”
According to MacInnes, Ruffer did not have faith in Bitcoin investment in 2017 but admitted that the circumstances had changed over the last four years, as a vast number of people seek a hedge against the financial crisis initiated by the coronavirus pandemic.
He added that retail investors are currently desperate for alternative safe-haven assets and institutional investors are also joining the crypto bandwagon led by Bitcoin (BTC), the first and largest cryptocurrency.
“The economic environment for Bitcoin right now could not be better.”
In November 2020, Ruffer called adding Bitcoin to its portfolio a defensive move against the “continued devaluation” of fiat money.
Moreover, the investment manager has reduced its exposure to gold and invested about 2.5% of its assets into Bitcoin (BTC). Ruffer chairman Jonathan Ruffer later called Bitcoin a “seemingly non-sensical asset, but one that makes absolute sense for how we see the world.”
At the time of filing this report, BTC is trading at $37,584.30, with a 5.56% price upsurge based on 24 hours estimation.