The UK investment partner cut Animoca, Kraken and Paxos shares earlier this year.
RIT Capital Partners operates as a £3.6 billion ($4.6 billion) investment trust in the UK. Earlier this year, RIT Capital Partners Plc halved the value of shares in several leading crypto companies.
UK Investment Partner RIT Capital Cuts Crypto Firm Shares
UK investment partner RIT Capital Partners cut its stakes in Animoca, Kraken and Paxos earlier this year.
RIT Capital Partners operates as a £3.6 billion ($4.6 billion) investment trust in the UK. Earlier this year, investment partner RIT Capital Partners Plc halved the value of shares in several leading crypto companies.
Founded by Jacob Rothschild, this trust has invested millions of pounds in crypto companies since 2021, as well as supporting many tech startups. The company’s 2021 report was known to hold positions worth £27.8m, £33.2m and £20.8m at Animoca Brands, Kraken and Paxos, respectively. By contrast, in the following year accounts published in February, these positions were reduced to £14.2m, £16.2m and £16.2m.
In accounts for 2022, Sir James Leigh-Pemberton, head of RIT, said, “Private investments in 2020 and 2021 added approximately 34 percent to total net asset value. “In 2022, there has been a sharp correction in the public markets and especially the technology markets, and we see that we have recorded some of these significant gains.”
It was also noted that RIT’s private investments are “by design, long-term investments that we do not have to sell to finance.”
