Houston Firefighters’ Relief and Retirement Fund moved its $12 million investment in bitcoin to BlackRock Bitcoin Trust from NYDIG.
The $5.1 billion pension fund's investment committee approved the transfer of assets at its Aug. 15 meeting, recently released meeting minutes show.
Ajit Singh, chief investment officer, said the change was made because NYDIG changed their terms and conditions for the investment.
The pension fund has an asset class it has created called "digital assets." The allocation is 50 basis points relative to the size of the fund, Singh said.
