Brazilian Hedge Fund Verde Says It Made Bitcoin Bet Before Trump Win

Verde Asset Management, the Brazilian money manager run by industry veteran Luis Stuhlberger, is among those riding the Bitcoin rally sparked by President-elect Donald Trump’s return to the White House. Verde, one of Brazil’s best-known hedge funds, built a small position in Bitcoin ahead of the Nov. 5 vote, while also boosting a wager against the Chinese yuan, it said in a note to clients Monday. Bitcoin surged above $87,000 for the first time on Monday as investors keep piling into the cryptocurrency following Trump’s embrace of digital assets during his campaign and the prospect of a Congress featuring pro-crypto lawmakers. Year to date, it’s outperforming the Anbima Hedge Fund Index by more than two percentage points.