fbpx
Skip to content Skip to sidebar Skip to footer

Houston Firefighters Pension Fund Becomes First of Its Kind to Purchase Crypto

The Houston Firefighters’ Relief and Retirement Fund (HFRRF) had made history by purchasing cryptocurrencies — making this the first time a US public pension plan has invested in digital assets.

It has been revealed that HFRRF invested $25 million into Bitcoin and Ether, although how much the fund is being distributed between the two cryptocurrencies is still unknown. The fund currently holds more than $4 billion worth of assets.

HFRRF’s chief investment officer, Ajit Singh, made the move to invest in crypto as another risk management tool — attributing to positive expected return and low correlation to other asset classes.

I see this as another tool to manage my risk. It has a positive expected return, and it manages my risk. It has a low correlation to every other asset class.

 

Ajit Singh, CIO of the Houston Firefighters’ Relief and Retirement Fund

The HFRRF made the investment via NYDIG, a bitcoin investment firm that is also serving as the fund’s custodian for the crypto asset purchased.

There are now 6,600 firefighters — both active and retired — and their families registered as members of the HFRRF. Active firefighters have been contributing 9% of their salary to the fund since 2004, while the state statute requires the City of Houston to contribute at least twice that amount.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us