According to a report, published by The Korea Economic Daily, which adds that the syndicate will not buy Bitcoin directly, but will use investment products such as Exchange-traded Bitcoin funds.
The report, released for the first time by the The Block, details that the plan is that the union will begin investing in Bitcoin when the first Korean-based company launches a Bitcoin ETF in the first half of next year. The size and other details of the investment have not yet been determined.
An official representing the Korean Teachers Credit Union said:
As there are some cryptocurrency-linked ETF products that are well made by asset managers, such as Mirae Asset Global Investments of Korea, we plan to invest in ETF products after consulting with domestic asset managers.
The pension fund, according to the report, currently invests around 40% of its funds in “alternative assets”, 10% in domestic equities and 9% in global equities. It is set to use global equity allocation to invest in Bitcoin ETFs.
The report adds that the California Public Employee Retirement System (CalPERS) in the US now holds approximately 113,000 shares of Riot Blockchain cryptocurrencies, valued at approximately $3 million, while the Fairfax County Police Retirement System has pledged to invest $11 million, or 0.8% of its assets, for assets, related to cryptocurrency.
As we reported earlier, the Houston Firefighters Relief and Retirement Fund, which has approximately $5.5 billion in assets under management, has invested $25 million in Bitcoin and Ethereum.
The pension fund change comes after the price of Bitcoin hit a new record above the $67,000 mark, apparently on the listing of the first fund traded on the Bitcoin Futures ETF Exchange, which began trading on the Bitcoin Stock Exchange. New York earlier this week.
The Houston fund reportedly handles retirement benefits for more than 6,600 active and retired firefighters and family beneficiaries. Active firefighters contribute 9% of their salary to the fund, and the City of Houston contributes at least twice that amount.