The Houston Firefighters Retirement Fund has allocated part of its $ 4 billion portfolio to cryptocurrencies Texas.
21 report from Bloomberg, the Houston Fire Department Retirement and Relief Fund used the New York Digital Investment Group (NYDIG) to make a $ 25 million purchase of Bitcoin (BTC) and Ether (ETH). Public filings by the Texas Audit Office show that the pension fund held total net assets of more than $ 4.1 billion as of June 2020, meaning the company has allocated about 0.6% of its portfolio to your digital asset investment portfolio.
“We have been working on adding this asset class to our portfolio for some time,” said Ajit Singh, the fund’s chief investment officer. “It has become an asset class that we can no longer ignore.”
“As more institutions are introduced, there will be ever greater supply and demand dynamics. And physical assets – actual tokens – give us the opportunity to generate income in the future. “
The foundation is responsible for the services of more than 6,600 active and retired firefighters and dependents. According to the group, more than half of the fund is invested in common stocks and private equity, but also includes domestic stocks, international stocks, bonds, cash and real estate.
Related: Texas Cryptocurrencies and Pension Funds: Like Oil and Water, or Not?
In June, retirement plan provider ForUsAll gave its clients the option to invest up to 5% of their portfolio assets in crypto, saying US residents could be at a disadvantage in their retirement savings. Earlier this year, Grayscale also reported that pension and endowment funds have actively invested in their funds with exposure to cryptocurrencies.