Chris Wood doubles down on his investments in Zomato, bitcoin

Chris Wood said the regulatory picture is getting clearer on bitcoin in the US and thus it paves the way for the long-anticipated Bitcoin spot ETF.

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26 Aug, 2025 12:21

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Christopher Wood, Global Head of Equities at Jefferies, has doubled down on his investment in Zomato by adding another percent of weight to it in the India long-only portfolio. The celebrated fund manager announced the change in his latest edition of weekly newsletter Greed & Fear published on June 29.

In late May, Wood had included Zomato to two of his long-only portfolios, assigning a weight of 4 percent each.

“The investment in Zomato in the India long-only portfolio will be increased by one percentage point by shaving the investment in Oil and Natural Gas Corp,” Wood said, without explaining further. Now Zomato has 5 percent weight in the portfolio.

In another tweak in his portfolio, he removed investment in JD.com in the Asia ex-Japan long-only portfolio replacing it by an investment in Baidu.

Growing bullish on bitcoin

Wood said the regulatory picture is getting clearer on bitcoin in the US and thus it paves the way for the long-anticipated Bitcoin spot ETF. BlackRock has filed an application with the Securities and Exchange Commission to set up a spot Bitcoin ETF. Bitcoin is up 22 percent since that announcement.

“Greed & Fear’s assumption is that BlackRock would not have filed such an application unless it was confident that it would be approved. This view has also been further strengthened by the fact that other players such as ARK, VanEck and Invesco have also now filed similar applications,” Wood said.

Also read: Why does Chris Wood’s call to add Zomato in his portfolio deserves a three-episode miniseries

Though, one should keep in mind that previously there have been about 30 such applications made by various entities all of which have been rejected by the SEC. But, now, many hope that situation will be different this time.

Another key reason that Wood finds to be bullish on bitcoin is that the next halving is now only ten months away in April 2024. Halving is a phenomenon that happens every four years. In this phenomenon, the block reward given to Bitcoin miners for processing transactions is cut in half.

“So far it has always paid to buy Bitcoin in the run up to the halving. After the first halving on 28 November 2012, Bitcoin rose about 90 times in the following 12 months, while the second halving on 9 July 2016 resulted in a 30-fold gain within 18 months. As for the last halving on 11 May 2020, Bitcoin rose 7.5-fold in the following 11 months to a high in April 2021 and was up eight-fold in 18 months to an all-time-high of US$68,992 in November 2021,” highlighted Wood.

Wood initiated a 3 percent investment in the US-quoted Grayscale Bitcoin Trust in the global long-only equity portfolio. This is trading at a 30 percent discount to the Bitcoin price. The investment will be paid for by removing the investment in Bayer, he added. This comes after he had doubled his exposure to bitcoin to 10 percent in the portfolio for US dollar denominated pension funds earlier this month.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.