UK-based wealth management company, Ruffer, has revealed it earned a profit of over $1 billion from Bitcoin (BTC) investment it made last November.
Hamish Baillie, who works as an investment director at the firm made this known while speaking to The Times.
“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.” Baillie said.
Ruffer invested $600m in Bitcoin around November last year; making them the first fund manager to dive into cryptocurrency.
And here they are five months later, declaring a profit of over $1billion – almost double of what they invested.