Ruffer Investment utilise Coinbase to acquire $745M in Bitcoin. In a latest portfolio update, Ruffer alluded to the involvement of the “world’s largest custodian of digital assets” without naming names. “Access to the bitcoin is controlled by multi-layer security protocols,” Ruffer wrote of its cold-storage setup.
A second source confirmed that Coinbase was the custodian described in Ruffer’s portfolio update. Last month, Coinbase Custody announced it was storing over $20 billion in customer assets.
The revelation sheds light on how large investors are making its foray into the bitcoin market: namely through trusted partners. Big bets in recent weeks by everyone from MassMutual to Guggenheim are seen as the driving force behind bitcoin’s current price rally.
Ruffer invested 2.5% of its $27 billion portfolio into bitcoin in November. The following day, One River Digital, a crypto-focused offshoot of volatility hedge fund One River Asset Management, came out of stealth, proclaiming it had already brokered $600 million in bitcoin and ether for its institutional clients.
Coinbase confirmed on Wednesday it was conducting trade execution and crypto custody for One River Digital.
[image: Clifford Photograpghy]