Share this article
Bitcoin Manager With $1B Crypto Goal Is Backed by Hedge Fund Vet Alan Howard: Report
One River Digital Asset Management already holds $600 million in bitcoin and ether.
By Danny Nelson
Updated Sep 14, 2021, 10:44 a.m. Published Dec 16, 2020, 6:09 p.m.
Make us preferred on Google
Institutional bitcoin firm One River Digital is barreling toward $1 billion in cryptocurrencies under management with backing from billionaire hedge fund manager Alan Howard, Bloomberg reported Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The newcomer, One River Digital, is an offshoot of volatility hedge fund One River Asset Management. It's already invested $600 million in bitcoin and ether for institutional clients; CEO Eric Peters told Bloomberg that One River Digital's crypto holdings will cross $1 billion in early 2021.
It will do so with notable ties to the traditional financial world. On Wednesday. Bloomberg also reported that Brevan Howard Asset Management co-founder Alan Howard is taking an ownership stake in One River Digital and helping providing the company with backend trading services.
Fellow British fund shop Ruffer LLP is also an investor in One River Digital. Separately Tuesday, Ruffer revealed it is holding 2.5% of its total assets under management in bitcoin.
Coinbase confirmed earlier reports that it would serve as One River Digital's initial partner for trade execution and crypto custody.
"Our unified investing experience has the tools sophisticated investors need to execute large and complex trades, complemented by a diverse pool of liquidity," Brett Tejpaul, Coinbase's head of institutional trading, told CoinDesk through a spokesperson.
More For You
More For You
Bitcoin losing $70,000 is a warning sign for further downside
Crypto majors soften while Asian equities rebound modestly, with traders continuing to weigh quantum fears, ETF flows and a possible shift in bitcoin’s broader trend.
What to know:
- Bitcoin look weak after failing to keep gains above $70,000.
- Weakness in large caps could soon filter through to small caps, which have been resilient lately.
- On-chain data suggest the market is in a stress phase without a clear capitulation bottom.
- Debates rage over impact of quantum-computing risks, a controversial BIP-110 spam-reduction proposal and shifting institutional flows.
