The Houston Firefighters Pension Fund has invested part of its $ 4 billion portfolio in cryptocurrencies.
According to a Bloomberg report on Thursday, the Houston Firefighter Relief and Retirement Fund used the New York Digital Investment Group, or NYDIG, to buy $ 25 million worth of Bitcoin (BTC) and Ether (ETH). Government records through the Texas Comptroller’s Office show that the pension fund owned more than $ 4.1 billion in total net assets as of June 2020, which means the group has set aside roughly 0.6% of its portfolio for digital assets.
“We have been looking at this asset class for some time now to add to our investment portfolio,” said Ajit Singh, Chief Investment Officer of the fund. “It has become an asset class that we can no longer ignore.”
“As more and more institutional adoptions take place, supply and demand will develop more and more. Having physical assets – physical tokens – gives us the opportunity to generate income in the future. ”
The foundation is responsible for providing benefits to over 6,600 active and retired firefighters and their surviving family members. According to the group, more than half of the fund is invested in equities and private equity, but it also includes domestic and international equities, bonds, cash and real estate.
Related Topics: Cryptocurrencies and Pension Funds: Do You Love Oil and Water or Not?
In June, retirement provider ForUsAll gave its clients the opportunity to invest up to 5% of their portfolio funds in cryptocurrency and stated that US citizens could be “at a disadvantage” if they were not given access to cryptocurrencies after retirement. … plans. Earlier this year, Grayscale also reported that pension and trust funds are actively investing in their funds using cryptocurrency.