The California state pension fund increased its investment in mining company Riot Blockchain almost sevenfold in Q4 2020 amid a bullish rally in Bitcoin.
According to the latest filings with the US Securities and Exchange Commission (SEC), the California Government Employees Retirement System (CalPERS) held 113,034 Riot Blockchain shares worth more than $ 1.9 million at the end of 2020. At the same time, in the third quarter of 2020, CalPERS owned 16,907 RIOT shares worth $ 49,000.
The largest US government pension fund, worth $ 441 billion, has held nearly 17,000 RIOT shares since its acquisition in a bull rally in late 2017 and has only recently increased its investment in the company. RIOT grew 541% during Q4 2020 and BTC rose 174% in the quarter. Back in 2016, CalPERS board members called blockchain a “promising investment opportunity.”
As a reminder, the CEO of Grayscale Investments said last month that the company expects increased interest in cryptocurrencies from pension funds, which will drive the market up. In addition, it was revealed last September that the State Pension Fund of Norway, the world’s largest sovereign wealth fund, holds 577.58 BTC through its investment holdings.
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