"Ruffer has banked a huge profit from its five-month bitcoin trade after selling out of the digital coin just before the cryptocurrency’s all-time high in April.
The asset manager became one of the first significant UK financial institutions to adopt the cryptocurrency as part of its strategic allocation when it took a sizeable position late last year.
The position was held across a number of its portfolios, including the Ruffer Investment Company (RICA) and Ruffer Total Return fund, and represented 2.5% of the business’ total assets under management.
At the time the cryptocurrency was trading at just under $20,000. It soared at the start of 2021 when Tesla founder Elon Musk said the company would hold the currency in its treasury, although Ruffer resisted cashing in when it hit $50,000 in February.
However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times."
https://citywire.co.uk/funds-insider/news/ruffer-bags-a-billion-as-wild-bitcoin-ride-comes-to-an-end/a1516354
https://uk.advfn.com/stock-market/london/ruffer-investment-RICA/share-price
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Ruffer bags a billion as wild bitcoin ride comes to an end
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- Lemon Half
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- Lemon Quarter
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end
Trump has been badmouthing bitcoin recently, which means he is lining up to BUY.
However given trumps record in business/investing if he buys, we can expect a massive crash.
However given trumps record in business/investing if he buys, we can expect a massive crash.
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- Lemon Slice
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end
mc2fool wrote:"However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times."
confusing. $1.1bn seems a bit high. more that the whole market cap of ruffer i'd guess.
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- Lemon Half
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end
nmdhqbc wrote:mc2fool wrote:"However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times."
confusing. $1.1bn seems a bit high. more that the whole market cap of ruffer i'd guess.
mc2fool wrote:"The position was held across a number of its portfolios, including the Ruffer Investment Company (RICA) and Ruffer Total Return fund, and represented 2.5% of the business’ total assets under management."
Yes, the Ruffer Investment Company (RICA) is just £580m, but Ruffer Total Return is £3.9bn and I haven't bothered to check their others.
https://www.trustnet.com/fund/price-performance/o/ia-unit-trusts?manager=RUFF&tab=fundOverview
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- Lemon Slice
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end
mc2fool wrote:Yes, the Ruffer Investment Company (RICA) is just £580m, but Ruffer Total Return is £3.9bn and I haven't bothered to check their others.
i need to read properly. thanks
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