The British investment company Ruffer Investment, in response to a query from journalist Zack Voell, confirmed that it holds bitcoin worth more than $740 million.<\/p>\n
\nCONFIRMED: Ruffer holds over $740 million worth of bitcoin.<\/p>\n
\u2014 Zack Voell (@zackvoell) December 16, 2020<\/a><\/p>\n<\/blockquote>\n
The day before, in a shareholder letter, a firm with assets of $27 billion announced<\/a> the allocation of 2.5% of its portfolio to bitcoin as a hedge against the devaluation of world currencies.<\/p>\n
\n\u201cBitcoin diversifies Ruffer\u2019s portfolio holdings in gold and inflation-linked bonds and acts as a hedge against certain risks we see in a fragile monetary system and distorted financial markets,\u201d the statement said.<\/p>\n<\/blockquote>\n
Voell cited an email from Ruffer Investment in which the company confirmed that its bitcoin position amounts to \u00a3550 million (~$743.7 million) or 2.7% of assets under management.<\/p>\n
The earlier wording in the memo allowed the possibility of using 2.5% of funds in one of the firm\u2019s funds. According to Voell, the company clarified that this referred to the aggregate assets under management.<\/p>\n
The firm manages assets worth \u00a320.3 billion (~$27.3 billion). Ruffer\u2019s market capitalization stands at \u00a3445.6 million (~$600 million), and net asset value is \u00a3461.1 million (~$620 million).<\/p>\n
\nAmbiguous wording in Ruffer\u2019s initial shareholder memo referred to a 2.5% allocation by \u201cthe portfolio\u201d. But now Ruffer clarified \u201cthe portfolio\u201d is its entire AUM, not just an allocation by the multi-strategy fund.<\/p>\n
\u2014 Zack Voell (@zackvoell) December 16, 2020<\/a><\/p>\n<\/blockquote>\n
Earlier, MassMutual, the American insurer managing assets of $235 billion, invested $100 million in bitcoin<\/a>.<\/p>\n
Earlier, JPMorgan Chase & Co. analysts suggested that pension funds and large investors would follow the American firm\u2019s example. This could push bitcoin to as much as $600 billion.<\/p>\n
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