The repercussions of ETFs released in the US after the SEC’s approval of the Bitcoin futures ETF continue to be talked about.
South Korea’s public pension fund, the Korea Teachers Credit Union (KTCU), is planning to invest in Bitcoin through an exchange crypto fund, local news agency The Korea Economics Daily reported.
KTCU, South Korea’s second largest institutional investor, is considering investing in Bitcoin in the first half of 2022 through its Bitcoin ETF. The amount and other details of the investment to be made have not been determined yet.
The Teachers Union will be the first Korean pension fund to invest in a Bitcoin and cryptocurrency-linked ETF.
With more than $40 billion in assets under its management, Teachers’ Union is considering several Bitcoin ETF products, along with the ETF of South Korean company Mirae Asset Global Investments, among possible Bitcoin ETFs to invest in.
An administrator from the Korean Teachers’ Association said:
“There are some cryptocurrency-linked ETFs that are well made by asset managers like Korea’s Mirae Asset Global Investments. We plan to invest in ETF products after consulting local asset managers.”
Apart from large institutional investors around the world, the interest of pension funds in Bitcoin and cryptocurrencies has started to increase.
After the first Bitcoin futures ETF was launched in the US last week, the Houston Firefighters’ Relief and Pension Fund also announced that it has purchased $25 million in Bitcoin and Ether.
In another local source, it was stated that KTCU denied the rumors. While the union in question denied the news, a statement by one of the executives to The Korea Economic Daily confused them.
*Not investment advice.