A pension fund for firefighters in Houston has made a purchase order in bitcoin and ether facilitated by bitcoin funding agency NYDIG.
- The Houston Firefighters’ Relief and Retirement Fund’s (HFRRF) buy marks the primary time a public pension plan within the U.S. has introduced an funding in digital property, in response to an announcement Thursday.
- The fund has invested $25 million in bitcoin and ether, although it has not disclosed how that is break up between the 2. The fund holds over $4 billion in complete property, in response to Bloomberg.
- “I see this as another tool to manage my risk,” Bloomberg quoted Ajit Singh, the chief funding officer for fund, as saying. “It has a positive expected return, and it manages my risk. It has a low correlation to every other asset class.”
- The funding was made by way of bitcoin funding agency NYDIG, which is offering the custody for the crypto bought.
- The HFRRF membership consists of 6,600 lively and retired firefighters and their households. Since 2004, lively firefighters have contributed 9% of their wage to the fund, with the City of Houston required to contribute at the least double that quantity by state statue.
Read extra: New Jersey Pension Invested $7M in Bitcoin Mining Stocks Last Quarter
UPDATE (Oct. 21, 14:45 UTC): Updated with info and quotes within the second and third bullet factors.