South Korea's public pension fund, the Korean Teacher Credit Union (KTCU), is looking to gain exposure to Bitcoin (BTC) through an exchange-traded fund (ETF).
KTCU, one of South Korea's largest institutional investors, is considering investing in a pure Bitcoin ETF or Bitcoin-pegged ETFs in the first half of 2022, local news agency The Korea Economic Daily reported Monday.
According to the report, KTCU is considering investing in various Bitcoin ETF products, including those from South Korean asset management firm Mirae Asset Global Investments. The company thrown out two ETFs that track the value of Bitcoin futures through its Canadian subsidiary Horizons ETF in April 2021.
"As there are some well-made cryptocurrency-linked ETF products by asset managers like Korea's Mirae Asset Global Investments, we plan to invest in the ETF products after consulting with domestic asset managers," said a KTCU executive.
The official also mentioned a possible investment in a Bitcoin ETF by Mirae Asset's subsidiary, Global X ETF, which applied for a Bitcoin ETF with the US Securities and Exchange Commission in July.
According to the report, KTCU is South Korea's second-largest institutional investor, with $ 40.2 billion in assets under management. The pension fund has allocated 40% of its investments in alternative assets, 10% in national shares and 9% in international shares. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.
Related: Because right now? The SEC took eight years to authorize a Bitcoin ETF in the US.
The news comes as global pension funds become increasingly interested in gaining exposure to cryptocurrencies like Bitcoin and the industry's top companies. Last week, the Houston Firefighters Relief and Retirement Fund allegedly bought $ 25 million worth of Bitcoin and ether (ETH). Ontario Teachers' Pension Plan Board of Canada participated in a $ 420 million funding round for major crypto exchange, FTX, the company announced on October 21.
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