U.K.-based Ruffer confirmed the size of its tremendous bitcoin investment from November in an email to CoinDesk Wednesday.
- “Ruffer’s exposure to bitcoin currently totals around £550m, equivalent to around 2.7% of the firm’s assets under management,” a spokesperson told CoinDesk in an email.
- Based on current exchange rates, £550 million is worth $744.26 million or roughly 45,000 BTC based on November 2020 prices.
- The investment was “primarily a protective move for portfolios” to “act as a hedge” against “some of the risks that we see in a fragile monetary system and distorted financial markets.”
- Ambiguous wording in Ruffer’s initial shareholder memo created uncertainty whether the investment was 2.5% of the multi-strategy fund or 2.5% of the funds total more than $20 billion in managed assets.