The move will be the first digital asset investment by a public pension plan in Texas.
The Houston Firefighters’ Relief and Retirement Fund (HFRRF) acquired an undisclosed amount of BTC and Ether through the institutional bitcoin services provider NYDIG. This acquisition marks the first investment in digital assets by a public pension plan in Texas.
“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,” Ajit Singh, HFRRF’s Chief Investment Officer said. “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.”
HFRRF benefactors include more than 6,600 active and retired firefighters and survivors of firefighters.
The investment “represents a watershed moment for bitcoin and its place in public pensions,” Nate Conrad, Global Head of Asset Management at NYDIG said. “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.”
According to their website, NYDIG is a subsidiary of Stone Ridge. This holding company has led the creation of forward-thinking firms across the worlds of technology and finance, including a $12B+ alternatives asset manager. NYDIG delivers Bitcoin products across industries, from banking and insurance to fintech and nonprofits. They fuse stringent regulatory standards with secure technology to make Bitcoin universal.
Ajit Singh of HFRRF stated further in reference to the exposure to BTC and ether, “I see this as another tool to manage my risk. It has a positive extended return, and it manages my risk. It has a low correlation to every other asset class.”
HFRRF's mission is to provide a secure retirement benefit plan for its members through professional administration, prudent management of system assets, sound investment practices, and prompt and courteous delivery of accurate benefits and useful information.
Click here to learn more about HFRRF.
This announcement comes after a historic day with the first crypto ETF product launch in the U.S. on October 19, 2021. ProShares’ bitcoin future ETF ($BITO) saw $280 million worth of shares traded in its first 20 minutes. The fund finished its first day with a volume of $999.473 million, according to The Block.
Looking for more information?