California's $441 billion public pension fund increased its stake in bitcoin miner Riot Blockchain (RIOT) nearly sevenfold in last year's Q4 amid the meteoric run-up in the price of bitcoin.
- The largest public pension fund in the U.S. had been holding firm on its nearly 17 thousand RIOT shares since acquiring them during the bull run in late 2017. That position seldom varied until now.
- RIOT spiked 541% during Q4 2020. Meanwhile, bitcoin was up 174% for the quarter.
- CalPERS board members included blockchain technologies as a future-forward investment opportunity during a public forum in 2016.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7QPFVQSUKFCVVIKHPQAPJ62L6Q.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7AJE3KWJ7ZBM7P4EREM7LXAPMI.png )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/QXOFXFWDG5G2NG7UUPAQ63KUSY.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PH3C4O6XFVBARCWFSC4NTCQ4IQ.jpg )