Investment manager Ruffer, with more than $ 27 billion under management, has confirmed his bitcoin investment is now $ 750 million. A spokesman for Ruffer told news.Bitcoin.com that this was “primarily a protective” move for the company’s wallets as the company reduced its gold investment. Ruffer says his bitcoin investment is “an insurance policy against the continued devaluation of the world’s major currencies.”
Bitcoin now 2.7% of Ruffer’s total portfolio
Wealth management firm Ruffer Group began investing in bitcoin in November, and the company’s bitcoin holdings are now worth about $ 750 million at the time of writing.
A Ruffer spokesperson explained to news.Bitcoin.com on Wednesday: “Ruffer wallets are intended to preserve capital and deliver good returns in all weather conditions, and they now have an allocation to bitcoin to help us achieve that goal. “
In November, Ruffer got exposure to bitcoin through a specialized outside manager. This was primarily a protective step for wallets. It diversifies the investments of Ruffer portfolios in gold and inflation-linked bonds, and it acts as a hedge for some of the risks we see in a fragile monetary system and disturbed financial markets, ”the spokesman added:
Ruffer’s exposure to bitcoin currently stands at around £ 550 million, which equates to around 2.7% of the company’s assets under management.
The statement came when bitcoin’s price crossed the USD 20,000 mark, setting a new one highest point ever. A BTC position of £ 550 million ($ 750 million) at the price when the explanation was sent would mean the company owns approximately 37,500 BTC, which is approximately 2.7% of total assets under management (AUM). According to the website, Ruffer’s total AUM was about £ 20.3 billion ($ 27.4 billion) on Nov. 30.
Ruffer first informed shareholders on Tuesday that it had invested in bitcoin. “We wanted to give shareholders a brief performance update this year and notify you of a new allocation to the digital currency bitcoin,” the company’s press release said. Regarding its bitcoin investment, the company described that “this is primarily a defensive move, one that was taken in November after the company reduced its exposure to gold.” At the bitcoin price level on Tuesday, the company wrote that exposure to the cryptocurrency was “equal to about 2.5% of the portfolio.”
Founded in 1994, the UK-based investment manager has offices in London, Edinburgh, Paris, Hong Kong and Guernsey. Ruffer Investment Company Ltd. is the company’s investment company with shares listed on the London Stock Exchange (LSE).
‘We see this [bitcoin investment] as a small but powerful insurance policy against the continued devaluation of the world’s major currencies, ”concluded Ruffer. “Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds and acts as a hedge for some of the monetary and market risks we see.”
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