- Ruffer makes over $1.1 billion in profit from Bitcoin cash out.
- The company’s initial investment was $600 million in November.
- Other company’s too have invested million in Bitcoin.
The investment management company — Ruffer, is cashing out its Bitcoin investment made in November. To be specific, the company is cashing out over $1.1 billion in total profits.
Initially, the company put in $600 million as an investment in Bitcoin. So, in less than six months the company saw an astounding gain in profits.
In particular, Hamish Baillie, investment director at Ruffer, told The Times that the company closed its Bitcoin position in April. Moreover, this action gave Ruffer a profit of over $1.1 billion.
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.
Additionally, Baillie continues by saying that his firm was one of the first to purchase Bitcoin. The fund managers did so in an unforeseen move intending on a decent short-term investment.
Moreover, at the time of investment, the price of Bitcoin was around $15,000. Back then, it was just starting to be bullish. This was similar to its bull run of 2017 when the price of Bitcoin hit an all-time high of $20,000.
All in all, Ruffer was not the only company to make the smart decision of buying Bitcoin when it was showing bullish signs back in November. Many other corporations too make this decision. Specifically, Tesla, MicroStrategy, Grayscale, and many more companies invested in crypto. MicroStrategy especially is still going at it. Their latest strategy to buy Bitcoin had to do with raising $500 million in junk bonds. They did so by selling notes as a private offering to many qualified institutional buyers.