U.K.-based Ruffer Investment Management made a $1.1 billion profit in five months from investing in bitcoin, according to a published report.
A Ruffer investment director said the firm sold its bitcoin because younger people would not be spending so much time trading now that the lockdowns are ending, according to The Sunday Times report.
“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,” Hamish Baillie, the investment director, said.
The firm invested 2.5% of its $27 billion portfolios into bitcoin in November and took profits earlier this year as the cryptocurrency more than doubled to around $40,000.
In February, Duncan MacInnes, the co-manager of Ruffer Investment, said the firm had around $700 million left in bitcoin as the company reported a profit of $750 million overall.
Ruffer made its bitcoin purchase via One River Digital and Coinbase.