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First Ever U.S. Pension Fund Invests In Bitcoin And Ethereum

Bitcoin is becoming more and more mainstream, and so is Ethereum. 

The Houston Firefighters’ Relief and Retirement Fund (HFRRF) announced today that it purchased Bitcoin and Ethereum for their defined benefit plan’s portfolio. The purchase is billed by the fund as, “the first announced investment in digital assets by a public pension plan in the U.S.”

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  • The purchase is in the $25 million USD range. The fund itself is worth $5 billion. A breakdown of how much each crypto makes up their portfolio was not provided.
  • The purchase was handled by NYDIG, a New York-based digital asset investment firm that says its dedicated to Bitcoin. Though apparently, they are dabbling in Ethereum now too…
  • Nate Conrad, head of asset management for NYDIG, considers this, “a watershed moment for bitcoin and its place in public pensions.”
  • Famously, a New Zealand-based retirement fund, KiwiSaver Growth Strategy allocated 5 percent of its 300 million plus portfolio to Bitcoin in October 2020. Meaning, even in July, the fund was almost 3x on its investment.
  • “I see this as another tool to manage my risk,” Ajit Singh, the CIO for HFRRF. “It has a positive expected return and it manages my risk. It has a low correlation to every other asset class.”
  • “HFRRF benefactors include active and retired firefighters and survivors of firefighters.”
  • Last week, Queensland Investment Corporation, which manages a 92 BN fund, announced that its looking into investing crypto. Meanwhile, CDPQ, Canada’s second largest pension fund was one of two major leaders in Celsius’ latest funding round. 

The post First Ever U.S. Pension Fund Invests In Bitcoin And Ethereum appeared first on CryptosRus.

First Ever U.S. Pension Fund Invests In Bitcoin And Ethereum

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