Holding Bitcoin is one tradition that has gone on among small and large scale traders in the crypto industry as most traders look to earn the maximum profit from the asset. Most of these investors prefer to buy low and sell when the bull run is over, a move that has benefited them in the past.
Even though volatility has rocked the price of the leading digital asset in recent months, it has not stopped investors from buying in bulk. With the digital asset recently setting another all-time high price record yesterday, investors would be hoping this new bill run takes the price of the digital asset sky high. Notably, this huge buy amongst investors is one of the determinants that takes the price of the asset sky high, as mention by several on-chain analysts.
One River set sights on $1 billion in crypto holding before 2021
In what would be described as a hodling move, a new patron of Bitcoin has emerged in the investment market after it announced its intention to hold a massive amount of the digital asset. In its latest statement, One River Digital, am an investment firm located in the United States has said it plans to hold up to $1 billion in several digital assets. This latest statement is coming off a recent hefty purchase of Bitcoin and Ethereum worth $600 million that the investment firm made.
With this recent purchase, One River Digital has established itself as one of the investors that hold the most amount of Bitcoin across the world. In a Bloomberg sanctioned report yesterday, the CEO of the firm, Eric Peters announced that he already established a new arm of the company to look into the adoption of digital assets after most of their investors were clamouring for it. Furthermore, Peters mentioned that the company is already looking to own nothing less than $1 billion worth of digital asset before the new year.
Elwood Asset Management will provide core services for One River
During the launch of the new arm of the company, Peters said that the company would look to increase its allocation of funds to buy the digital assets for the arm, with the latest investment the first of many to come. The report that was released by Bloomberg cited the hard work that billionaire investor, Alan Howard put in to make the purchase possible. Not only does Alan have an investment in the funds that belong to the company, but the billionaire also owns a part of the company.
Asides that, Alan’s parent company, Elwood Asset Management, will be the one to provide One River with the much-needed trading services and market analysis it needs to carry out its task effectively. Elwood is also said to be offering some technological support that the new arm of One River needs.
Another company worthy of mention that owns an investment in One River is Ruffer LLP, a United Kingdom-based investment firm. In its statement, Ruffer said that about 2.5% of its holding is now in digital assets. According to the firm, in the wake of the decline of currencies across the globe, the firm decided to purchase digital assets.