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Ruffer has sold about 40% of its bitcoin exposure, drawing around $650 million in profit

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The Multi-billion dollar investment management firm Ruffer has sold about 40% of the bitcoin it bought last November, profiting around $650 million, Ruffer investment director Duncan MacInnes told The Block.

MacInnes further said that Ruffer still has around $700 million worth of bitcoin exposure. Last November, Ruffer allocated around $744 million to bitcoin as part of its assets under management (AUM).

The profits come as bitcoin's price has more than doubled since November. The Telegraph first reported Ruffer's bitcoin sales on Tuesday, saying they took place in December and January.

MacInnes further clarified to The Block that the profits and sales numbers mentioned are in reference to all of Ruffer LLP and relative to the £20 billion (around $27 billion) AUM of the company.

Ruffer recently disclosed that its bitcoin exposure is held via its Multi Strategies Fund, as well as through equity holdings in Microstrategy and Galaxy Digital. When asked whether equity holdings have been sold, MacInnes told The Block that no equity sales took place. 

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