South Korea’s public pension fund, Korea Teachers Credit Union (KTCU), is reportedly seeking access to Bitcoin (BTC) through a cryptocurrency exchange traded fund (ETF).
KTCU, one of the largest institutional investors in South Korea, is considering investing in a Bitcoin-only ETF or Bitcoin-linked ETFs in the first half of 2022, local news agency The Korea Economic Daily reported on Monday.
According to the report, KTCU is considering investing in several Bitcoin ETF products, including that of South Korean asset management company Mirae Asset Global Investments. In April 2021, the company launched two ETFs in Canada through its subsidiary Horizons ETFs that track the value of Bitcoin futures.
“As there are several well-manufactured crypto-linked ETF products from asset managers such as Mirae Asset Global Investments of Korea, we plan to invest in ETF products after consulting with asset managers in the country,” said a manager at KTCU.
The official also mentioned a potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary, Global X ETFs, which filed a Bitcoin ETF application with the U.S. Securities and Exchange Commission in July.
According to the report, KTCU is the second largest institutional investor in South Korea with $ 40.2 billion in assets under management. The pension fund has 40% of its investments in alternative investments, 10% in domestic and 9% in international stocks. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.
Related: Why now? It took the SEC eight years to license a Bitcoin ETF in the United States
The news comes amid growing interest among global pension funds for exposure to cryptocurrencies like bitcoin and major industry players. Last week, the Houston Fire Service Retirement and Relief Fund reportedly bought $ 25 million in Bitcoin and Ether (ETH). Canada’s Ontario Teachers Retirement Planning Board has participated in a $ 420 million financing round for large crypto exchange FTX, the company announced in October.