Ruffer Investment Management made over $750 million in profits from its investment in Bitcoin (BTC). The London-based financial firm managed to make a huge return in just two months.
Although the financial firm invested in Bitcoin a bit late, it made substantial profits from the December rally when the cryptocurrency reached as much as $40,000. Ruffer bought its first batch of Bitcoin in November 2020, when the cryptocurrency was around $17,000. According to CoinDesk, Ruffer invested 2.5% out of its $27 billion portfolios in BTC during that period.
“We’ve been surprised by how well it has done and how quickly. We did not expect immediate fireworks.” Duncan MacInnes, co-manager of Ruffer Investment told Telegraph Money.
MacInnes said that the company made a 2.5% allocation across all funds, costing around $600 million. However, Ruffer sold a big amount of BTC when the cryptocurrency’s price reached $40,000. The financial company decided to sell, as BTC was leading a rally — making $650 million in profit. Ruffer currently has $700 million left in Bitcoin.