As investors scramble to assess the fallout from the bankruptcy of cryptocurrency exchange FTX, a public pension fund is standing by its hefty commitment to crypto-related holdings.
As investors scramble to assess the fallout from the bankruptcy of cryptocurrency exchange FTX and the general price collapse of bitcoin and other digital currencies, a public pension fund is standing by its hefty commitment to crypto-related holdings.
As for the FTX debacle, “the washing out of weak players or potentially inappropriate actors–while causing volatility and is admittedly stressful–is ultimately a healthy thing,” Molnar wrote in a mid-November email, reviewed by MarketWatch, to a consultant who had inquired about the pension fund’s crypto exposure. “Our underlying investment thesis–that the innovation around blockchain technology is a high growth area going forward–has not changed,” Molnar wrote.
Concerns about digital-asset contagion climbed Monday as crypto lender BlockFi filed for bankruptcy protection. Bitcoin BTCUSD, +1.37%, the most widely traded digital currency, has plunged more than 70% from its all-time high a year ago. Like the police pension fund, the Fairfax County Employees fund has no direct exposure to FTX, chief investment officer Andrew Spellar said at the Chamber of Digital Commerce event. “We understand it’s controversial,” he said, adding that recent events “don’t help, obviously. But it doesn’t change the underlying investment thesis for us.” The Houston fund did not respond to requests for comment.
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