British management firm Ruffer Investment informed shareholders about its $744 million allocation in Bitcoin in a fund performance update memo.
Founded in 1994, London-based Ruffer has just announced its massive Bitcoin investment. The firm manages £20.3 billion ($27.3 billion) in assets on behalf of 6,500 clients from around the world.
Ruffer made the Bitcoin investment move in November after reducing its exposure to Gold.
The investment is currently equal to 2.7% of the firm’s assets under management, which the company confirmed is about £550 million or $744 million.
According to the firm, its Bitcoin investment is a defensive move, diversifying the company’s investments in gold and inflation-linked bonds. It further added that Bitcoin acts as a hedge against inflation and other monetary risks.
“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the firm said.
With this, Ruffer joins the list of multi-billion dollar companies that have made huge investments in the leading crypto.
As a result of enormous corporate demand for the digital asset, BTC has surpassed its all-time high of $20,000, with its price rising by more than 250% in 2020.