Citing New Zealand Funds Management chief investment officer James Grigor, local news outlet Stuff reveals that the $244 million (NZ$350 million) retirement plan invested 5% of its capital in Bitcoin.
Grigor says the fund first bought the top crypto when it was worth $10,000 in October 2020. At time of writing, BTC is valued at $56,000, indicating that the fund’s investments grew 460% in less than half a year.
The fund is part of the national KiwiSaver program that aims to help workers save for their retirement similar to a 401(k) account in the US.
“NZ KiwiSaver pension fund, Growth Strategy.
What’s with the green boner?
Oh yeah, they bought a small allocation into Bitcoin Q4 2020.”
“BTC would represent 20%+ of the fund in March 2021. I imagine they would have rebalanced since then, selling down some of their GBTC the last few weeks, given it’s a diversified fund…
3%-10% of Kiwi salary and wage income deploys into KiwiSaver, they have the option to pick the Growth Fund which is exposed to BTC. Hint hint.”
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