– The recent crypto market crash has led to many public pension funds reconsidering their investments in the space.
– Many public pension funds are already underfunded, and taking risks in an attempt to make up the difference.
– The U.S. Department of Labor urges “extreme care” when investing in cryptocurrencies.
– The Houston Firefighters Relief and Retirement Fund made a direct investment of $25 million in cryptocurrencies in 2017.
– The Fairfax County Employees’ Retirement System and Fairfax County Police Officers Retirement System have put money into venture capital funds that invest in blockchain and a hedge fund that seeks to harness some of the volatility inherent in the space.
– The Minnesota State Board of Investment manages a portfolio worth around $130 billion for several public employee pension plans and other entities, and has small stakes in the crypto exchange Coinbase Global and the bitcoin miners Riot Blockchain and Marathon Digital Holdings.
– The California Public Employees’ Retirement System took a tiny stake in 2017 in Riot Blockchain that grew to over $1.9 million by late 2020.
– The State of Wisconsin Investment Board apparently began testing the waters early last year with purchases of Coinbase, Marathon and Riot Blockchain.
– New Jersey’s main state pension fund appears from SEC filings to have started investing in some crypto-related stocks in the second quarter of 2021.
– Other public funds that have taken smaller stakes include the Utah Retirement Systems and the Pennsylvania Public School Employees’ Retirement System.