UK-based Ruffer Investment Management has recently made a $1.1 billion profit in five months from its Bitcoin investment.
A Ruffer investment director remarked that the company decided to sell off its Bitcoin because younger people are trading less as the lockdowns come to an end.
“When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion,” said Hamish Baillie, the investment director.
Back in November, Ruffer used 2.5% of its $27 billion portfolios to invest into Bitcoin and made profits earlier this year when Bitcoin reached $40,000 in value.
In February, the co-manager of Ruffer Investment Duncan MacInnes said that the firm had around $700 million worth of Bitcoin as the company reported its profit of $750 million overall.