The plunge in prices for Bitcoin and other cryptocurrencies provides a cautionary tale for the handful of public pension funds that have dipped their toes into the crypto pool
The fund's chairman, Brett Besselman, said in a first-quarter report that it was healthy with an overall rate of return of 33.7% in 2021. Houston Mayor Sylvester Turner said earlier this year that the 2017 overhaul is working well and, thanks to strong returns in 2021, has put his city's pension funds well ahead of schedule toward eliminating their unfunded liabilities.
Crypto-related investments aren't necessarily deliberate. The Minnesota State Board of Investment manages a portfolio worth around $130 billion for several public employee pension plans and other entities. A recent report shows it held small stakes as of Dec. 31 in theand the bitcoin miners Riot Blockchain and Marathon Digital Holdings with a combined market value of $5.3 million. It also listed two holdings of fixed-income securities from Coinbase with a market value of $2.2 million.
The Minnesota board may look at crypto-related investments someday just to learn about them, Perry said, “but it’s not a high priority. ... I would say we’re nowhere close to making an investment decision to move forward, but that doesn’t mean we never will.”known as CalPERS, took a tiny stake in 2017 in Riot Blockchain that grew to over $1.9 million by late 2020. Securities and Exchange Commission filings show it reached $5.
Other public funds that have taken smaller stakes include the Utah Retirement Systems, which once held a $13.2 million stake in Coinbase but doesn't anymore. The Pennsylvania Public School Employees’ Retirement System held as much as $2.6 million worth of Coinbase last summer but was down to $681,000 by the end of the first quarter, after selling most of its stake, while adding about $398,000 worth of Marathon starting in the second half of 2021.
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