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One River Asset Management has bought more than $600 million in Bitcoin and Ethereum, Bloomberg reported Wednesday. The company has two cryptocurrency funds: the Bitcoin (BTC) Fund and the Ethereum (ETH) Fund.

Founded by CEO Eric Peters in 2013, One River oversees about $1.6 billion in total assets under management. Peters said that he set up a new company to focus on cryptocurrencies for institutional investors. In addition to its initial purchases, he said:

One River Digital Asset Management has commitments that will bring its holdings of bitcoin and ether to about $1 billion as of early 2021.

“There is going to be a generational allocation to this new asset class. The flows have only just begun,” Peters was quoted as saying.

One River has joined forces with Alan Howard, the co-founder of Brevan Howard Asset Management, the publication detailed, adding that Howard invested in One River Digital’s funds and Brevan Howard acquired 25% of One River Asset Management in October.

In order to buy such a large amount of bitcoin and ether without triggering a spike in the prices of the cryptocurrencies, Peters executed his trades as inconspicuously as possible and finishing all buying in November before bitcoin hit $16,000, the publication noted.

One River Digital hired Northern Trust Corp. as its fund administrator and Coinbase as its initial partner for trade execution and asset custody. The funds will charge 1% fees and allow investors to sell in a day.

Another investor with One River Digital is the British investment firm Ruffer, which disclosed this week that it had invested in bitcoin which now accounts for 2.7% of its entire portfolio.

In other trending Bitcoin News today:

“MicroStrategy’s Michael Saylor Says Bitcoin Could Save Tesla and Fortune 500 Companies Billions of Dollars”

MicroStrategy CEO and Bitcoin bull Michael Saylor says buying Bitcoin could save Tesla and other Fortune 500 companies billions of dollars.

Saylor’s business intelligence firm, MicroStrategy, aims to own over $1 billion worth of Bitcoin and he suggests that other companies with billions in cash reserves follow their lead.

In an interview with HyperChange, Saylor warns that companies like Tesla with billions of dollars in cash reserves should be racing to buy Bitcoin. If they don’t, they stand to lose half that spending power in the next three years, says the Bitcoin advocate.

“[Big companies are] eventually going to need [Bitcoin]. You’ve got $20 billion dollars worth of monetary energy today. It’s losing 15% of its purchasing power a year. You’re going to lose half of that energy in 36 months unless you protect it.

If you put it into Bitcoin, instead of losing half your purchasing power, you can reasonably expect to double your purchasing power every year for the next three years, so why not put $1 billion in and it’ll be worth $8 billion in three years. If you keep all the money, you’re guaranteed to lose $10 billion in purchasing power. It’s a guarantee…

If Tesla puts $1 billion dollars [into Bitcoin] they will double their money within 12 months. If they put $2 billion in, they will probably generate a $10-billion gain. By the way, anybody could do it. If you’re a billionaire hedge fund guy, you put a billion into Bitcoin, just put it out on the wire and say you did it.”

Saylor highlights that Bitcoin, unlike many other assets, becomes less risky as its price increases.

“Bitcoin is a dominant network that’s unstoppable… 99% of the investors don’t understand it, but once they understand it, they’ve all got to stampede into it and they’re going to squeeze through it and they’re going to bid the price up.