South Korea’s public pension fund, the Korean Lecturers’ Credit score Union (KTCU), is reportedly trying to acquire publicity to Bitcoin (BTC) by way of a crypto exchange-traded fund (ETF).
KTCU, one of many largest institutional buyers in South Korea, is contemplating investing in a pure Bitcoin ETF or Bitcoin-linked ETFs within the first half of 2022, native information company The Korea Financial Each day reported Monday.
In keeping with the report, KTCU is contemplating investing in a number of Bitcoin ETF merchandise, together with these by South Korean asset administration agency Mirae Asset International Investments. The corporate launched two ETFs monitoring the worth of Bitcoin futures by way of its Canadian subsidiary, Horizons ETFs, in April 2021.
“As there are some well-made cryptocurrency-linked ETF merchandise by asset managers reminiscent of Korea’s Mirae Asset International Investments, we plan to spend money on the ETF merchandise after session with home asset managers,” an govt at KTCU reportedly stated.
The official additionally talked about potential funding in a Bitcoin ETF by Mirae Asset’s subsidiary, International X ETFs, which filed for a Bitcoin ETF with america Securities and Alternate Fee in July.
In keeping with the report, KTCU is the second-largest institutional investor in South Korea, with $40.2 billion in belongings below administration. The pension fund has allotted 40% of its investments in various belongings, 10% home and 9% worldwide shares. KTCU has but to find out the scale and different particulars of its potential Bitcoin ETF funding.
Why now? SEC took eight years to authorize a Bitcoin ETF within the US
The information comes amid world pension funds getting more and more serious about gaining publicity to cryptocurrencies like Bitcoin and main firms within the trade. Final week, the Houston Firefighters’ Aid and Retirement Fund reportedly bought $25 million in Bitcoin and Ether (ETH). Canada’s Ontario Lecturers’ Pension Plan Board participated in a $420-million funding spherical for main crypto alternate FTX, the agency introduced on Thursday.