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Financial Times: Pension funds are trying to buy BTC

ChainCatcher news, according to the Financial Times, pension funds are trying to buy Bitcoin. Pension funds in Wisconsin and Michigan have become one of the largest holders of U.S. stock market funds focused on cryptocurrency, while some pension fund management agencies in the UK and Australia have also made small allocations to Bitcoin through funds or derivatives in recent months.As of the end of September, the Wisconsin Investment Board became the 12th largest shareholder of the BlackRock Bitcoin ETF, with shares worth approximately $155 million. Michigan is the sixth largest shareholder of the Grayscale Ethereum ETF, with holdings valued at $12.9 million, and is also the 11th largest shareholder of the ARK 21Shares Bitcoin ETF.Since U.S. Election Day, the UK pension fund consultancy Mercer has received a large number of inquiries, as trustees do not want to be ignorant of popular asset classes. Most pension funds have turned to the regulated U.S. spot Bitcoin or Ethereum ETFs approved last year. In the UK, the pension consultancy Cartwright has facilitated the first Bitcoin transaction, with a small undisclosed pension plan directly investing about £1.5 million in Bitcoin, hoping to fill funding gaps through excess returns.At the same time, more than 50 individual savers wish to transfer their entire pensions into cryptocurrency. Cartwright is exploring the possibility of establishing a Bitcoin fund with two multi-employer pension funds. Australia's AMP Capital has also utilized Bitcoin to enhance returns. AMP Senior Portfolio Manager Steve Flegg stated that although cryptocurrencies are high-risk and novel, their scale and potential cannot be ignored, thus the AMP portfolio has made a moderate allocation to Bitcoin futures.However, funds allocating to Bitcoin and other cryptocurrencies remain in the minority within the pension industry, and most advisors are reluctant to recommend that clients venture into cryptocurrencies.
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