Oct 23, 2021
On OCT. 21, 2021, the Houston Firefighters Rescue and Pension Fund announced its first-ever investment in BTC and ETH. The pension fund invested $25M with the help of New York Digital Investment Group. Additionally, Ajit Singh, the fund’s Chief Investment Officer, said that they believe in the disruptive effect of cryptos.
Houston Pension Fund Joins the Crypto Space
The Houston firefighters’ pension fund announced yesterday that they now hold BTC and ETH worth $25M. Houston pension fund had the help of the NYDIG in the completion of their first-ever crypto investment. This report comes in a week where the first-ever SEC commissioned Bitcoin futures ETF is gaining traction with $1.1B AUM in two days.
The pension company, which serves over 6,600 clients and with a total valuation of over $5B, is joining other firms in crypto adoption. This report comes in a week where BTC and ETH eclipse and set a new ATH, and the first-ever bitcoin futures ETF breaks AUM launch records.
As per recent reports, the fund’s chief investment officer, Ajit Singh, said they are excited to take their first step towards digital currencies. He also added that the Houston pension fund believes in the disruptive potential of digital assets. The NYDIG’s Global Head of Asset Management said Houston’s investment mirrors BTC’s role in public pensions.
Institutional Crypto Adoption Accelerates
This is not the first time that pension institutions are engaging in crypto adoption. Two other Virginia-based pension funds bought some cryptos two years ago. Fixed-income giant Pimco said that it would invest in cryptos gradually. As per their Chief Investment Officer Daniel Ivanscyn, Pimco is planning to join the crypto space strategically. He also said that the company is looking for potentially promising cryptos as part of its crypto adoption plan.
Recently, JPMorgan Chase & CO also allowed its customers to invest in bitcoin. Even if its CEO is against cryptos, he said that his clients are adults and can make any decision freely. Therefore, his company will offer them a secure chance in the crypto industry. These reports come as the first-ever BTC futures ETF haul over $1B in just two days, and another one will launch today.
The Proshares BTC Futures ETF Hits $1.1B AUM In Just Two Days
The ProShares BTC futures ETF launched on Tuesday under the licensing of the SEC. This ETF has $1.1B in assets in about two days, the fastest record for any ETF ever. This record-breaking success of the ProShares project may cause huge interest in ETFs and crypto adoption.
Additionally, a second-ever U.S. Bitcoin futures ETF, the Valkyrie BTC futures fund, will begin trading on the Nasdaq exchange today. Now crypto enthusiasts can hold their peace as the U.S. seems to be taking a more friendly approach towards crypto regulation.
About The Author
After realizing the setbacks of centralization in the financial industry, Carol has dedicated her career to apprise everyone of the benefits of blockchain technology.
Original Source: https://atzcrypto.com/a-u-s-pension-fund-invests-25m-in-btc-and-eth/