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Houston Firefighters Pension Fund Invests $25 Million in Crypto

UTC by Bhushan Akolkar · 2 min read
Houston Firefighters Pension Fund Invests $25 Million in Crypto
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Bitcoin firm NYDIG will facilitate the purchase of crypto for the Houston Firefighters Pension Fund by using its audited, regulated, and insured custody system.

A large number of traditional fund houses are coming into crypto and this time we have the Houston Firefighters Pension fund. On Thursday, October 21, the Houston Firefighters’ Relief and Retirement Fund announced that it has added Bitcoin (BTC) and Ethereum (ETH) to its portfolio.

The Houston Firefighters Pension Fund (HFRRF) has a total of $4 billion in assets under management. It has recently purchased $25 million worth of BTC and ETH. However, the fund didn’t disclose the investment split between the two cryptos.

This is also the first investment in crypto by any public pension fund in the United States. Furthermore, a leading Bitcoin company NYDIG managed to successfully facilitate this funding. Speaking of this development, Ajit Singh, HFRRF’s Chief Investment Officer said:

“We are excited to take this first step forward into the world of digital assets. This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation. We have been studying digital assets’ transformative potential for some time, and we are pleased to have a partner of NYDIG’s caliber to ensure secure, robust and efficient execution, and enhanced compliance as we enter this new market.”

NYDIG Facilitating the Crypto Investment for Houston Firefighters Pension Fund

As said Houston Firefighters Pension Fund made this investment through a customized private fund managed by NYDIG. NYDIG specializes in helping institutional players to step into crypto financial products.

It also helps such big players like pension funds using its audited, regulated, and insured custody system. Besides, this partnership will allow the Houston Firefighters Pension Fund to leverage NYDIG’s secure, full-stack platform.

Over more than 6,600 active and retired firefighters have been benefitting through HFRRF’s pension fund. Speaking of this development, Nate Conrad, Global Head of Asset Management at NYDIG said:

“This investment represents a watershed moment for bitcoin and its place in public pensions. Fiduciaries are increasingly aware of how even a small allocation to digital assets can make a big impact over time, and they now have a partner in NYDIG who can help them make it happen. We couldn’t be happier to be supporting forward-thinking entities like HFRRF in their mission to best serve their members.”

Pension funds across the world are willing to seek exposure to this volatile crypto asset class. Australia’s fifth-largest pension fund is also mulling to invest part of its AUM in crypto.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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