A pension fund for firefighters in Houston has made a purchase in bitcoin and ether facilitated by portfolio company NYDIG. The Houston Firefighters’ Relief and Retirement Fund’s (HFRRF) purchase marks the first time a public pension plan in the U.S. has announced an investment in digital assets, according to an announcement this week.
“I see this as another tool to manage my risk,” Bloomberg quoted Ajit Singh, the chief investment officer for fund, as saying. “It has a positive expected return, and it manages my risk. It has a low correlation to every other asset class.”