Home Cryptocurrency Pension fund for Texas firefighters reportedly allocates $25M to Bitcoin and Ether

Pension fund for Texas firefighters reportedly allocates $25M to Bitcoin and Ether

by Gordon James

A Texas pension fund has allocated $25 million to Bitcoin and Ether, according to a report. The funds are intended for the retirement of firefighters who have retired in the past five years.

The houston pension fund is a pension fund for Texas firefighters. Recently, the pension fund allocated $25M to Bitcoin and Ether.

 

A portion of the $4 billion pension fund for Houston firemen has been dedicated to cryptocurrency.

According to a Bloomberg story from October 21, the Houston Firefighters’ Relief and Retirement Fund utilized the New York Digital Investment Group, or NYDIG, to buy $25 million worth of Bitcoin (BTC) and Ether (ETH). According to public data obtained by the Texas comptroller’s office, the pension fund had more than $4.1 billion in total net assets as of June 2020, indicating that digital assets accounted for approximately 0.6 percent of its portfolio.

Ajit Singh, the fund’s chief investment officer, stated, “We have been examining this as an asset class to add to our investment portfolio for quite some time.” “It became an asset class we couldn’t afford to overlook any longer.”

He added:

“As more and more institutional adoptions take place, supply and demand dynamics will get more complex. And having real assets — genuine tokens — provides us the ability to generate revenue in the future.”

More than 6,600 current and retired firefighters, as well as surviving family members, are covered by the fund. According to the firm, common and private equity account for more than half of the fund’s assets, which also comprise local and foreign stocks, bonds, cash, and real estate.

Related: Crypto and pension funds: A match made in heaven, or not?

In June, retirement plan provider ForUsAll offered its customers the option of investing up to 5% of their portfolio assets in cryptocurrency, claiming that U.S. residents would be at a “disadvantage” if their retirement plans did not include crypto assets. Grayscale also stated earlier this year that pension funds and endowments were actively investing in its crypto-related ETFs.

The firefighter relief fund is a pension fund for Texas firefighters that has reportedly allocated $25M to Bitcoin and Ether.

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  • firefighters’ retirement
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  • houston fire pension news

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