Hedge fund management firm One River Asset Management has invested $600 million in bitcoin and ether with a plan to increase its holdings to $1 billion next year. The company has two cryptocurrency funds: the Bitcoin Fund and the Ethereum Fund.
$1 Billion Investment in Bitcoin and Ether
One River Asset Management has bought more than $600 million in bitcoin and ether, Bloomberg reported Wednesday. The company has two cryptocurrency funds: the Bitcoin Fund and the Ethereum Fund.
Founded by CEO Eric Peters in 2013, One River oversees about $1.6 billion in total assets under management. Peters said that he set up a new company to focus on cryptocurrencies for institutional investors. In addition to its initial purchases, he said:
One River Digital Asset Management has commitments that will bring its holdings of bitcoin and ether to about $1 billion as of early 2021.
“There is going to be a generational allocation to this new asset class. The flows have only just begun,” Peters was quoted as saying.
One River has joined forces with Alan Howard, the co-founder of Brevan Howard Asset Management, the publication detailed, adding that Howard invested in One River Digital’s funds and Brevan…