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29 November 2023
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First American pension funds invest in bitcoin

Morgan Creek Digital, part of Morgan Creek Capital, announces that it has received the first US investment in bitcoin (BTC) from a pension fund, Bloomberg reports on 12 February.

Two pension funds from Fairfax County, Virginia, invest $ 40 million in Morgan Creek’s new blockchain fund called the Morgan Creek Blockchain Opportunities Fund.

A portion of the $ 40 million would already have been invested in Bakkt, the new cryptocurrency exchange of the New York Stock Exchange (NYSE), which is part of the Intercontinental Exchange (ICE).

Morgan Greek Digital also invests in crypto-giant Coinbase as well as a number of smaller companies such as Blockfi, RealBlocks, TrustToken, Harbor, Open Finance Network, CityBlock Capital, Namebase, Good Money and Digital Assets Data.

Morgan Greek would also use $ 4 million to purchase cryptocurrency directly, but that has not happened yet. Katherine Molnar, CIO of Fairfax County’s Police, one of the pension funds, says:

Blockchain technology is applied in unique and convincing ways in multiple industries. We find it important to be opportunistic and are eager to participate in this new opportunity.

The initial plan was to raise $ 25 million for the fund, but because of its success, this investment almost doubled to $ 40 million. Anthony Pompliano, founder of Morgan Creek Digital, says that institutional money is finally entering the crypto market:

There is a belief in the institutional world that if the industry is still there, it will be very valuable. The smart money is not distracted by the price, but looks at the long-term trends and thinks of innovation as a great way to achieve returns with a moderate risk.

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