NYDIG Bitcoin Holding Could Hit $25 Billion as Ruffer Sells

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  • NYDIG thinks it may have $21 billion in bitcoin custody by the end of 2021, a 3.5x increase on today
  • The next 10 years could see more CEOs allocating capital to bitcoin, according the founder and chairman Ross StevensThe positive news comes as Ruffer Investment revealed they took profits on their bitcoin trades some weeks ago

New York Digital Investment Group (NYDIG) could hold as much as $25 billion in bitcoin by the end of the year, according to founder and chairman Ross Stevens. Stevens, who was speaking at the MicroStrategy World 2021 Conference, revealed that the next 10 years would be crucial as CEOs decide how to allocate balance sheets in the wake of the coronavirus, with digital assets set to be a key player. Stevens’ views came a day as Ruffer Investment announced that it had sold 40% of its bitcoin holdings, netting a $650 million profit in the process.

Bitcoin Buy-in “Most Important” Decision CEOs Will Make

Stevens told MicroStrategy CEO Michael Saylor that NYDIG, which helps institutions and companies buy bitcoin, currently custody around $6 billion worth of digital assets and that demand could see this number jump significantly through 2021:

I believe that the most important decision that CEOs will make in the next ten years will be deciding to allocate to bitcoin. As our fiat businesses continue to inflate and accelerate, I expect we will buy more bitcoin in the next two years.

Stevens’ optimism was countered somewhat by news that may have come as a surprise to some in the space – institutions also sell. This was confirmed when British investment firm Ruffer Investment told the Daily Telegraph that it had sold 40% of its bitcoin holdings for a $650 million profit just weeks after buying in.

Duncan MacInnes, Ruffer’s Investment Company co-manager, admitted that the company was “surprised by how well it has done and how quickly” adding that they “did not expect immediate fireworks.” Ruffer made a 2.5% allocation into Bitcoin in November 2020, which totaled around $600 million.

Ruffer Still Holds $750 Million in BTC

Given that Bitcoin doubled in price in a matter of weeks, MacInnes and his team decided it was prudent to take out their initial and let the rest ride, which saw them come away with $650 million in profits. MacInnes confirmed that Ruffer still has “around $700 million left in and are currently up by $750m overall”, showing that there is no need to panic – they do still love Bitcoin after all.