One River Asset Management Announces $600 Million Purchase of Bitcoins
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Hedge Fund One River Asset Management Announces $600 Million Purchase of Bitcoins
Eric Peter, head of the hedge fund One River Asset Management, said that by early 2021 the company plans to increase the volume of its cryptocurrency assets to $ 1 billion.
Hedge fund together with the co-founder of Brevan Howard Asset Management, billionaire Alan Howard, acquired more than $ 600 million of cryptocurrency, writes Bloomberg. The ORDAM Fund, launched in October specifically for investments in cryptocurrencies, plans to increase the volume of assets in bitcoins and ethers to $ 1 billion by the beginning of 2021.
One River Asset Management started accumulating in November
The company bought the cryptocurrency in November, without attracting everyone’s attention, so as not to provoke a sharp rise in the bitcoin rate. The coins were bought at a price of less than $ 16 thousand for one bitcoin. On December 17, the cryptocurrency rate reached $ 23.8 thousand, at the moment Bitcoin is traded at a level of $ 23500 thousand on the BitXmi cryptocurrency exchange.
Northern Trust will act as the administrator of the One River Digital Asset Management funds, the Coinbase crypto exchange from the USA will deal with the execution of transactions and act as a custodian partner. The head of the hedge fund, Eric Peter, emphasized that the cryptocurrency market has higher risks than gold, but it also offers higher returns.
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