Eric Peter, head of hedge fund One River Asset Management, said the company plans to increase its crypto assets to $1 billion by early 2021.
The hedge fund, together with the co-founder of their partner Brevan Howard Asset Management, billionaire Alan Howard, acquired more than $600 million of cryptocurrency, writes Bloomberg. The Fund initiated in October plans specifically aimed at investments in cryptocurrencies. The volume of assets in Bitcoins and Ethers is expected to increase to $1 billion by the beginning of 2021.
The company bought the cryptocurrency in November, without attracting everyone’s attention, so as not to provoke a sharp rise in the Bitcoin exchange rate. Coins were bought for less than $16 thousand for one Bitcoin. On December 17, the cryptocurrency rate reached $23.8 thousand.
Northern Trust will act as the administrator of the One River 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.
