While Bitcoin and cryptocurrencies have found the opportunity to invest in every field, he has now announced that he has allocated part of a pension fund portfolio in the USA to crypto.
According to a report by Bloomberg, the Houston Firefighters’ Relief and Pension Fund (HFRRF) announced that it has bought Bitcoin and Ether with $25 million of its $4 billion portfolio.
This investment by HFRRF is the first investment in cryptocurrencies by a public pension fund in the US.
Ajit Singh, Chief Investment Officer of the pension fund, stated that they are excited to invest in crypto assets, continuing:
“We have been examining the transformative potential of digital assets for some time now and it has become an asset class that we can no longer ignore. We are pleased to have a partner like NYDIG to ensure a safe, robust and efficient adaptation as we enter this new market.
HFRRF made this investment through a private fund set up within Bitcoin company NYDIG to buy and hold crypto assets for them.
Nate Conrad, NYDIG Head of Global Asset ManagementThis investment represents a milestone for Bitcoin and public pensions.” said.
The HFRRF Pension Fund is responsible for more than 6600 active and retired firefighters, as well as their surviving family members. While more than half of the fund is invested in common and private equity, it also invests in domestic stocks, international stocks, bonds, cash and real estate.