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California Pension Fund Buys More than 96,000 Shares of Riot Blockchain

California Public EmployeesÕ Retirement System (CalPERS) offices, in Sacramento, California, U.S., on Monday, September 13, 2010. Photographer: Ken James/Bloomberg

California Pension Fund Buys More than 96,000 Shares of Riot Blockchain

The California Public Employees ‘Pension Fund increased its investment in the mining company Riot Blockchain almost sevenfold in the fourth quarter of 2020 amid a “bullish” bitcoin rally.

According to the latest filings filed with the U.S. Securities and Exchange Commission (SEC), the California Public Employee Retirement System (CalPERS) owned 113,034 shares of Riot Blockchain 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 shares of RIOT worth $49,000.

The largest public pension fund in the United States at $441 billion has held nearly 17,000 shares of RIOT since acquiring them during a bull rally in late 2017, and only recently increased its investment in the company. RIOT grew by 541% during the fourth quarter of 2020, while BTC grew by 174% during the quarter. Back in 2016, members of the CalPERS board called blockchain a ” promising investment opportunity.”

Recall that last month, the CEO of Grayscale Investments said that the company expects increased interest in cryptocurrencies from pension funds, which will contribute to the growth of the market. In addition, in September last year, it became known that the Norwegian State Pension Fund, the world’s largest sovereign wealth fund, owns 577.58 BTC through its investment holdings.