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.
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.
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.
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.
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