American pension funds will invest in bitcoin $50 million – Bits Media

Two pension funds from the US state of Virginia have submitted applications to the regulator for approval of investments in the main fund Parataxis Capital Management, who buys cryptocurrencies directly.

Previously, the Fairfax Police Pension Fund and the Fairfax Civil Servants Pension Fund have already invested in the cryptocurrency industry through Morgan Creek funds. However, most of the fund's funds are invested in companies, working in the blockchain and cryptocurrency industry. Parataxis fund directly invests in bitcoin, various tokens and cryptocurrency derivatives.

Bloomberg notes, that many pension funds are exploring the possibility of investing in the cryptocurrency industry, however, so far only a small number of funds decide on such investments.

Parataxis Capital Management was founded in 2019 former portfolio managers of Galaxy Digital and LedgerPrime. Currently, Parataxis operates $55 million. The company's management reported, that negotiations are underway with some other pension funds.

In early August, a law came into force in Germany, which allows special funds (Special funds) invest up 20% the volume of the managed portfolio in cryptoassets. The volume of possible investments in the cryptocurrency industry is estimated at $650 billion.