Bitcoin whales are making a comeback. One River Asset Management, a hedge fund specializing in volatility bets, has amassed substantial holdings and commitments, worth about $1 billion by 2021, in Bitcoin (BTCUSD) and Ether (ETHUSD), according to a report by Bloomberg.
Eric Peters, the firm’s founder, told the publication that he intends to set up a “blue-chip fiduciary” for cryptocurrencies targeted at institutional investors. The hedge fund has partnered with Northern Trust Corporation (NTRS), which recently announced a partnership with Standard Chartered PLC (SCBFF), for custody and with San Francisco-based exchange Coinbase for trade execution.
- A hedge fund specializing in volatility bets has amassed holdings worth more than $1 billion in Bitcoin and Ether.
- Other institutional investors and hedge funds are also buying up large holdings of Bitcoin, turning themselves into whales.