One River Digital Asset Management already holds $600 million in bitcoin and ether. : 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. 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.