New Zealand retirement fund reportedly allocates 5% to Bitcoin
Institutional uptake of BTC is on the rise. KiwiSaver of New Zealand appears to have built up exposure to Bitcoin in October 2020. KiwiSaver Growth Strategy, a $350 million retirement plan operated by New Zealand Wealth Funds Management, has reportedly allocated 5% of its assets to Bitcoin (BTC), underscoring the steady stream of institutional investors entering the digital asset space.Bitcoin’s striking similarities to gold were cited as one of the biggest reasons for entering the trade, according to James Grigor, the chief investment officer at New Zealand Funds Management.“If you are....
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The KiwiSaver Growth Strategy fund, part of New Zealand’s retirement savings program, has allocated 5 percent of its money to bitcoin.
The fund is responsible for the benefits of more than 6,600 active and retired firefighters as well as surviving family members. The pension fund for firefighters in Houston has allocated part of its $4 billion portfolio towards crypto.According to an Oct. 21 Bloomberg report, the Houston Firefighters' Relief and Retirement Fund used the New York Digital Investment Group, or NYDIG, to execute the purchase of $25 million in Bitcoin (BTC) and Ether (ETH). Public records through the Texas comptroller’s office show the pension fund held more than $4.1 billion in total net assets as of June....
The U.S.-based company Digital Asset Investment Management (Daim) has announced the launch of a company-sponsored 401(k) retirement plan that allocates up to 10% in bitcoin. The plan is an ERISA compliant employer-sponsored 401(k) and assets are held in institutional-grade cold storage by leveraging the custodian Gemini Trust. During the last few years, investors have been able to leverage a digital currency retirement plan in the form of an IRA. For instance, the company Bitcoinira helps people invest in cryptocurrencies like BTC, BCH, ETH, and LTC with the firm’s....
If approved, retirement savers can allocate 20% of their savings portfolio to Bitcoin without the need to open a crypto exchange account. The United States-based retirement plan provider Fidelity Investments will reportedly allow 401(k) retirement saving account holders to directly invest in Bitcoin (BTC).The new Bitcoin retirement investment plan would go live later this year. It will allow over 23,000 companies associated with Fidelity to administrate their retirement accounts to offer Bitcoin investment options to the customers, reported WSJ.If the proposal to allocate BTC to their....
A New Zealand hedge fund, NZ Funds Management, which had $350 million worth of assets under management at the end of December 2020, says five percent of its money is invested in bitcoin. According to the firm’s CIO James Grigor, bitcoin is also set to be featured in more of its Kiwisaver investment schemes within the next five years. ‘You Cannot Discount Bitcoin’ As explained in a local report, the firm’s bitcoin acquisition only became possible in October 2020 when an amendment was made to its offer documents. Meanwhile, in justifying the acquisition,....