A hedge fund reported buying $600 million worth of bitcoins

The head of hedge fund One River Asset Management, Eric Peter, said the company plans to increase its cryptocurrency assets to $1 billion by early 2021.

Hedge fund One River Asset Management, along with co-founder Brevan Howard Asset Management, billionaire Alan Howard acquired more than $600 million worth of cryptocurrency, Bloomberg writes. One River Digital Asset Management, a fund launched in October specifically to invest in cryptocurrencies, plans to grow its bitcoin and ether assets to $1 billion by early 2021.

The company bought cryptocurrency in November without attracting widespread attention so as not to provoke a surge in bitcoin. Coins were bought at a price of less than $16,000 per bitcoin. On December 17, the cryptocurrency rate reached $23.8 thousand, as of 15:20 Moscow time, bitcoin is trading at $22.7 thousand.

Northern Trust will act as administrator of funds of One River Digital Asset Management, cryptocurrency exchange Coinbase from the United States will be engaged in the execution of transactions and act as a custodial partner. Hedge fund head Eric Peter stressed that the cryptocurrency market has higher risks than gold, but it also offers higher profits.