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 in December said its exposure to bitcoin at the time totalled around £550m, equivalent to about 2.7% of tota...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes