$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 management firm One River Asset Management has invested $600 million in bitcoin and ether with a plan to increase its holdings to $1 billion next year. The company has two cryptocurrency funds: the Bitcoin Fund and the Ethereum Fund. $1 Billion Investment in Bitcoin and Ether
One River Asset Management has bought more than $600 million in bitcoin and ether, Bloomberg reported Wednesday. The company 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 total assets under management. Peters said that he set up a new company to focus on cryptocurrencies for institutional investors. In addition to its initial purchases, he said: One River Digital Asset Management has commitments that will bring its holdings of bitcoin and ether to about $1 billion as of early 2021.
“There is going to be a generational allocation to this new asset class. The flows have only just 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, adding that Howard invested in One River Digital’s funds and Brevan Howard acquired 25% of One River Asset Management in October.
In order to buy such a large amount of bitcoin and ether without triggering a spike in the prices of the cryptocurrencies, Peters executed his trades as inconspicuously as possible and finishing all buying in November before bitcoin hit $16,000, the publication noted.
One River Digital hired Northern Trust Corp. as its fund administrator and Coinbase as its initial partner for trade execution and asset custody. The funds will charge 1% fees and allow investors to sell in a day.
Another investor with One River Digital is the British investment firm Ruffer, which disclosed this week that it had invested in bitcoin which now accounts for 2.7% of its entire portfolio.
What do you think about this hedge fund manager investing in bitcoin? Let us know in the comments section below. Bitcoin Options Daily Volume Crosses $1 Billion, $100K Strike Introduced for 2021 FINANCE | 6 hours ago Kim Dotcom Says Bitcoin Cash "Great for Payments," Expects BCH to Cross $3K in 2021 FINANCE | 1 day ago Tags in this story bitcoin fund, bitoin investment, ether fund, ether investment, hedge fund, one river asset management
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