Hedge fund management firm One River Asset Management has emerged as a major player in the crypto space after executing one of the largest crypto asset trades in history on Coinbase.
In a blog post, the crypto exchange’s head of institutional sales Brett Tejpaul says that One River teamed up with Coinbase Institutional to complete a large transaction without moving market prices.
Coinbase Institutional also serves as the custodian of One River’s digital assets, according to Tejpaul.
“One River worked with Coinbase to invest an undisclosed amount in digital assets, resulting in one of the largest digital asset trades in history. The initial trades were completed over the course of five days and executed at different speeds to work through varying market conditions.”
A Bloomberg report says that One River Management CIO Eric Peters spearheaded the purchase of over $600 million worth of Bitcoin (BTC) and Ethereum (ETH) through One River Digital Asset Management with plans to increase the company’s holdings to $1 billion in early 2021.
The hedge fund launched One River Digital Asset Management in December 2020 to provide institutions access to cryptocurrencies. Digital assets not only help mitigate the risks in a portfolio, says Peters, as they also provide exposure to a new technology that is reshaping money.
“Owning these assets is a mere toehold to the future, a deposit on the view that everything we know about financial intermediation and its relationship to centralized policy will change in ways we cannot yet foresee.
Holding these assets over the long-term aligns yourself with the macro mega-trends of technological advance and currency debasement, both of which appear to be accelerating. And naturally, where this all leads, and to what valuations, will be determined by our collective imagination.”
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