CryptoInvestment

A $25 million Bitcoin and Ethereum purchase was made by a Houston firefighter’s pension fund

Institutions have renewed their hunger for bitcoin and ether, with a Houston-based pension fund becoming the most recent to make a significant buy.

The Houston Firefighters Relief and Retirement Fund (HFRRF) has joined the cryptocurrency bandwagon, investing $25 million in Bitcoin and Ethereum. Through a collaboration with New York Digital Investment Group, the allocation was made feasible (NYDIG).

The two organizations announced their cooperation on October 21st, with NYDIG facilitating the investment through one of its regulated, audited, and guaranteed funds.

It was the first time a public pension plan in the United States made such an allocation. The entire investment, according to Bloomberg, was $25 million. However, the article did not disclose how much money was invested in bitcoin and how much in ether.

HFRRF’s beneficiaries include more than 6,600 current and retired firefighters, as well as survivors of firefighters, making it one of Texas’ largest pension organizations.

The HFRRF may be the first US pension fund to invest in Bitcoin (or Ethereum), but it is far from the first conservative US-based institution to do so.

In December 2020, MassMutual, a massive insurance firm with almost $300 billion in investment accounts, took the first step by purchasing $100 million in bitcoin.

Later, the institution collaborated with NYDIG to provide access to the major cryptocurrency for certain clients.

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