Ruffer Investment Company takes profits on 'defensive' Bitcoin bet

Sold in April and avoided 'spectacular' May crash

Mike Sheen
clock • 2 min read

Ruffer Investment Company has sold the remaining portion of its exposure to bitcoin in favour of "more attractive risk-adjusted positions elsewhere in the market", as the cryptocurrency reached all-time-high valuations in April.

The investment trust reported this morning (7 June) that it had initially built "indirect" exposure to bitcoin as a "defensive investment", amid concern for the outlook for the gold price and to diversify its inflation hedges, but that its subsequent gains meant that the cryptocurrency's "asymmetry… [was] much lower". It follows reports over the weekend that Ruffer had made profits in excess of $1.1bn as a result of dumping its Bitcoin exposure, according to The Times. The firm told Investment Week in December that its exposure to bitcoin at the time totalled around £550m, equivalent ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot