Ruffer reveals major Bitcoin allocation made in November
Ruffer disclosed that it had gained substantial Bitcoin exposure in November as a portfolio hedge against risks in what it described as a fragile monetary system.
Ruffer told investors in December that its portfolios had obtained Bitcoin exposure through a specialist third-party manager during November. Subsequent clarification put the exposure at roughly £550 million, around 2.7% of firm assets under management.
The investment manager positioned Bitcoin alongside gold and inflation-linked bonds rather than as a speculative technology bet. That framing fit the broader 2020 shift in which macro investors increasingly discussed Bitcoin as insurance against monetary and financial-system risk.
The disclosure date is intentionally separated from the underlying November allocation. December 15 is when the action became public knowledge; the actual exposure had already been established.
Ruffer’s disclosure was also a disclosure-date event rather than a December trade. The manager said the allocation had been made in November and described it as a defensive move within a much larger portfolio. The timing distinction matters because the market learned of the position in December even though the underlying purchase occurred earlier.