Bitcoin Whale Emerges With $1 Billion, Alan Howard’s Backing

A hedge fund specializing in volatility bets has emerged as one of the largest investors in Bitcoin after quietly buying more than $600 million in cryptocurrencies and joining forces with Alan Howard, the co-founder of Brevan Howard Asset Management.

Eric Peters, chief executive officer of One River Asset Management, said in an interview he set up a new company to seize on the growing interest in cryptocurrencies among institutional investors. In addition to its initial purchases, One River Digital Asset Management has commitments that will bring its holdings of Bitcoin and Ether to about $1 billion as of early 2021, he said.

A surge in cryptocurrency prices and unprecedented monetary-policy moves are increasingly attracting big money to an area that had largely been the realm of retail bettors. Bitcoin surpassed $20,000 Wednesday to hit a record and has almost tripled in price this year.

Another investor with One River Digital is Ruffer LLP, the U.K. investment firm known for its bets on market volatility. Ruffer on Tuesday disclosed a 2.5% position in Bitcoin in one of its funds, describing it as “a small but potent insurance policy against the continuing devaluation of the world’s major currencies.”

Bitcoin Whale Emerges With $1 Billion, Alan Howard’s Backing, Bloomberg, Dec 18