Virginia Police Department Pension Fund is Betting on Bitcoin
Fairfax County, Virginia has targeted part of its pension fund toward investments in the Bitcoin and cryptocurrency industry, as well as blockchain technology in general. Now, they’re explaining why.
Fairfax County Retirement Systems Director Jeff Weiler published a post in response to CCN and other media’s reporting on the county’s decision to invest in Morgan Creek’s latest offering, the Blockchain Opportunities Fund. Oversubscribed from its intended $25 million, the fund invests in blockchain companies. It captured $40 million from two Fairfax County pension plans and other institutions.
Less Than 1% Of Two Retirement Funds Allocated to Crypto Ventures
First things first, the post gives specifics about the amounts invested. In total, the Virginia retirement system dumped $21 million into the fund. $10 million is from the county employee’s retirement fund while $11 million is from the police officer’s fund. They represent 0.3% and 0.8% of the funds’ total assets, respectively.
The post’s intention is to assuage any concerns that might have arisen in the minds of retirees. As CCN clearly stated, the play was not strictly a Bitcoin buy. Instead, Morgan Creek will use the fund to invest in blockchain companies like Coinbase and Bakkt,...
Bitmain Becomes Biggest Blockchain Conglomerate Following Series B Funding
Bitmain's series B funding closes to create the largest global cryptocurrency conglomerate in China.
China’s dominant bitcoin mining manufacturer has become the largest crypto conglomerate in the world after securing a new round of Series B funding.
Bitmain Expands Influence
Caixin news agency reported last week that Bitmain has secured between $300 million and $400 million in new funding from Sequoia China, U.S. hedge fund Coatue and Singapore-based EDBI, effectively becoming the largest cryptocurrency company in the world. With the latest round, Bitmain’s total value has swelled to $12 billion.
Bitmain is making waves across the blockchain industry, having recently announced plans to purchase roughly 43% of Opera Ltd., a Norway-based internet browser that has filed for an initial public offering with Nasdaq.
Back in May, the company led a $110 million financing round for Circle, an influential cryptocurrency company with backing from Goldman Sachs and others. In an official announcement, Circle said Bitmain’s stake in the company will allow it to expand critical infrastructure needed to power the crypto economy:
“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic...