South Korean pension fund to invest in Bitcoin ETF: report

South Korea’s public pension fund, the Korean Teachers’ Credit Union (KTCU), is reportedly seeking exposure to Bitcoin (BTC) through a crypto exchange-traded fund (ETF).

KTCU, one of South Korea’s largest institutional investors, plans to invest in a pure Bitcoin ETF or Bitcoin-linked ETFs in the first half of 2022, according to local news agency The Korea Economic Daily. reported On Monday.

According to the report, KTCU plans to invest in several Bitcoin ETF products, including those from South Korean asset management company Mirae Asset Global Investments. The company spear two ETFs that track the value of Bitcoin futures contracts through its Canadian subsidiary, Horizons ETF, in April 2021.

“As there are well-designed cryptocurrency-related ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in ETF products after consultation with domestic asset managers,” a KTCU executive reportedly said.

The official also mentioned a potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary Global X ETF, which filed for a Bitcoin ETF with the United States Securities and Exchange Commission in July.

According to the report, KTCU is the second-largest institutional investor in South Korea, with $ 40.2 billion in assets under management. The pension fund allocated 40% of its investments to alternative assets, 10% to national equities and 9% to international equities. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.

Related: Why now? The SEC Took Eight Years to Authorize a Bitcoin ETF in the United States

The news comes as global pension funds increasingly focus on exposure to cryptocurrencies like Bitcoin and large companies in the industry. Last week, the Houston Firefighters’ Relief and Retirement Fund reportedly bought $ 25 million in Bitcoin and Ether (ETH). The board of directors of the Ontario Teachers’ Pension Plan of Canada has participated in a $ 420 million round of funding for the leading crypto exchange FTX, the company said Thursday.

Source link

About Christian M.

Check Also

Bank of Ireland’s IT director for pensions says regulations are killing liberal economies

“I wouldn’t dare tell a business how it should be run, they are the experts. …