FX168 Financial News (Asia Pacific) News GRP, an American pension fund with an asset management scale of 140 billion US dollars, disclosed to 1.6 million customers that it has investment exposure in 7 Bitcoin spot ETFs. The move announced that US pension funds have begun exploring Bitcoin. More and more institutions are also beginning to acknowledge Bitcoin's store of value properties and are considering including Bitcoin in their portfolios.
Bitcoin Magazine tweeted on Thursday (4/25): “According to the 13F file, the US pension fund GRP disclosed that they now have investment exposure in 7 Bitcoin spot ETFs. This shows that pension funds have begun to explore the Bitcoin ETF market.” #现货比特币ETF #
(Source: Twitter)
There was a lot of discussion in the crypto community about GRP's move. Feel Market, an on-chain game project, commented: “The entire US economy will be positioned as a Bitcoin ETF, and ETFs in Asia will probably follow the same model. Bitcoin may indeed grow larger and affect the entire global economy, and new gold is on the way.”
(Source: Twitter)
Another on-chain project, OverHere, mentioned: “This seems beneficial to Bitcoin. Historically, pensions have been very conservative and cautious in their investment choices.”
According to reports, GRP has a total of 1.6 million customers and an asset management scale of 140 billion US dollars.
It is conservatively estimated that if 10% of its asset management is allocated to a Bitcoin ETF, it will bring an inflow of 14 billion US dollars to Bitcoin, which is equivalent to a purchase of 219,000 bitcoins at current market prices. This is similar to the position of MicroStrategy (MicroStrategy), the largest giant whale among US listed companies.
If more pension funds decide to invest in Bitcoin in the future, it is expected to bring significant incremental capital to the market.
(Source: Twitter)
According to ICI statistics, the total retirement assets in the US reached $38.4 trillion by the end of 2023. This includes funds from individual retirement accounts (IRAs), assets of various defined contribution plans provided by employers, such as 401 (k) plans, 403 (b) plans, and the federal employee retirement system's Thrifty Savings Plan (TSP).
Notably, these assets account for 32% of the financial assets of American households.
Since 2021, US officials have advocated the inclusion of Bitcoin in pension plans.
The Houston Texas Firefighter Pension Fund announced in 2021 that it will invest $25 million in Bitcoin and Ether through investment management company NYDIG.
At the end of 2022, US Senator Cynthia Lummis expressed support for Bitcoin as part of a diversified retirement plan, hoping to see this asset included in the US 401 (k) retirement plan.
In March of this year, the Arizona State Participating Court proposed a resolution requiring lawmakers and state pension fund managers to consider allocating part of their portfolios to Bitcoin spot ETFs.