Ruffer takes profits on 'defensive' Bitcoin bet

Sold in April and avoided May crash

Mike Sheen
clock • 2 min read
The firm sold its cryptocurrency for more than £1bn
Image:

The firm sold its cryptocurrency for more than £1bn

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...

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