Approximately five months after allocating 2.5% of its portfolio in BTC, Ruffer Investment has sold its entire position at a profit of over $1 billion. The firm cited the declining interest from younger generations as the primary reason for the sale.
CryptoPotato reported in late 2020 that the giant asset manager founded in 1994 in the UK had entered the bitcoin field by investing 2.5% of its portfolio.
Although some initial reports indicated that the percentage represented just $15 million, Ruffer later revealed that the amount was considerably higher – approximately $750 million.
The institution, however, had no plans to stay in the game for too long. As BTC’s USD price appreciated rapidly following its entrance, Ruffer started disposing of its position in December and January.
Coverage by the Telegraph Money revealed that the organization had netted around $750 million (or the amount of the initial investment) in just two months.
Furthermore, The Sunday Times report from last weekend indicated that Ruffer had disposed of its entire position at a significant profit five months later.
“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 – Ruffer’s investment director.
Interestingly, Baillie said the reason why the organization dumped its position was that younger people wouldn’t be spending so much time trading BTC now as the worldwide lockdowns are about to end.