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$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million

$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million

Hedge fund administration agency One River Asset Management has invested $600 million in bitcoin and ether with a plan to extend its holdings to $1 billion subsequent yr. The firm has two cryptocurrency funds: the Bitcoin Fund and the Ethereum Fund.

$1 Billion Investment in Bitcoin and Ether

One River Asset Management has purchased greater than $600 million in bitcoin and ether, Bloomberg reported Wednesday. The firm has two cryptocurrency funds: the Bitcoin Fund and the Ethereum Fund.

Founded by CEO Eric Peters in 2013, One River oversees about $1.6 billion in whole property beneath administration. Peters stated that he arrange a brand new firm to deal with cryptocurrencies for institutional traders. In addition to its preliminary purchases, he stated:

One River Digital Asset Management has commitments that can deliver its holdings of bitcoin and ether to about $1 billion as of early 2021.

“There goes to be a generational allocation to this new asset class. The flows have solely simply begun,” Peters was quoted as saying.

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One River has joined forces with Alan Howard, the co-founder of Brevan Howard Asset Management, the publication detailed, including that Howard invested in One River Digital’s funds and Brevan Howard acquired 25% of One River Asset Management in October.

In order to purchase such a lot of bitcoin and ether with out triggering a spike within the costs of the cryptocurrencies, Peters executed his trades as inconspicuously as potential and ending all shopping for in November earlier than bitcoin hit $16,000, the publication famous.

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One River Digital employed Northern Trust Corp. as its fund administrator and Coinbase as its preliminary associate for commerce execution and asset custody. The funds will cost 1% charges and permit traders to promote in a day.

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Another investor with One River Digital is the British funding agency Ruffer, which disclosed this week that it had invested in bitcoin which now accounts for two.7% of its complete portfolio.

What do you concentrate on this hedge fund supervisor investing in bitcoin? Let us know within the feedback part beneath.

The publish $1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million appeared first on Bitcoin News.

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