There is an ongoing boost in the adoption of Bitcoin (BTC) with UK pension fund giant Cartwright now joining the league. With decades of experience at managing its client’s funds, the pension fund embracing Bitcoin is a major statement for the digital currency. The firm did not just adopt the coin, it is now rallying other institutional investors in the UK to do the same.
The Cartwright Bitcoin Embrace
As reported by Corporate-Adviser, Cartwright has allocated around 3% to Bitcoin as direct investment. As the pension fund noted, this move stems from the demand from its clients for it to support emerging asset classes.
Bitcoin occupies a unique position in the new money revolution. The Cartwright said its Bitcoin embrace offers a “significant potential upside whilst limiting the potential downside.” The company said many investors in the UK are consistently looking for a new way to diversify their capital.
Notably, the firm’s leaders are now advising their competitors in the country to catch up with global counterparts. It is worth noting that Cartwright is putting its money where its mouth is. While the actual cash value of this BTC bet remains undisclosed, the firm said it pioneered this move in the UK.
Providing more context on the investment, Bitcoin writer Daniel Batten on X noted that the 3% allocation is 30x higher than the $163 million that Wisconsin Investment Board invested in the coin. Batten emphasized that the Cartwright Bitcoin investment is the largest of any Sovereign Wealth Fund in the world.
Ethereum Catching Up
The launch of spot Bitcoin and Ethereum ETF products around the world has opened new avenues to embrace the assets. While many investment firms have exposure to BTC, Ethereum is catching up nicely.
Coingape reported earlier that the Michigan Pension Fund has disclosed its Ethereum ETF exposure. Per the update, the organization bought an $11 million worth of Ethereum ETF as disclosed in its 13-F Filing. As it revealed, the firm made this investment in the Grayscale Ethereum Trust and Grayscale Mini Trust ETFs respectively.
Many big banks are also getting into the Bitcoin and general crypto ETF game. While Bitcoin and Ethereum dominates the ETF front for now, XRP, Litecoin and Solana ETF products are also underway. With this, Cartwright might expand its bets in the future to include these alternative crypto ETF products.
The post UK Pension Fund Cartwright Discloses 3% Allocation To Bitcoin appeared first on CoinGape.
