Summary
British pension specialist Cartwright has made history by guiding the country’s first pension fund to invest in bitcoin, marking a significant milestone in the adoption of cryptocurrency among institutional investors. The unnamed fund allocated 3% of its total assets directly into the token, a move that is being closely watched by the industry. Additionally, Cartwright is launching a Bitcoin Employee Benefits scheme, which would enable employers to pay bitcoin directly into staff wallets.
Cartwright’s Groundbreaking Achievement
Cartwright has made significant inroads in promoting the adoption of bitcoin among institutional investors, and its latest achievement is a testament to the company’s expertise in this field. By guiding the first pension fund to invest in bitcoin, Cartwright has demonstrated its ability to navigate the complexities of cryptocurrency investment and provide clients with tailored solutions.
The unnamed fund’s decision to allocate 3% of its £50 million ($65 million) into bitcoin was not taken lightly, according to Glenn Cameron, head of digital assets at Cartwright. "Lengthy consultations with the scheme’s trustees were held to address ESG, investment case, and security concerns," Cameron explained in an interview with Corporate Advisor. The fact that the fund chose to invest directly in the token rather than using a proxy such as an ETF is also noteworthy.
The Significance of Direct Investment
The pension fund’s decision to invest directly in bitcoin, rather than through a proxy, has important implications for the industry. By doing so, the fund has avoided the complexities and fees associated with investing in an ETF, which can often be a more cumbersome process. This move also underscores the growing confidence among institutional investors in the stability and security of cryptocurrency investment.
The relative size of the investment is also significant, with 3% of the pension fund’s assets being allocated to bitcoin. In comparison, the State of Wisconsin pension plan made headlines months ago by investing in bitcoin through spot ETFs, but only allocated a fraction of its assets – around 0.1% – to the cryptocurrency.
Cartwright’s Bitcoin Employee Benefits Scheme
In addition to guiding the first pension fund to invest in bitcoin, Cartwright is also launching a Bitcoin Employee Benefits scheme that would enable employers to pay bitcoin directly into staff wallets. This innovative solution has already garnered interest from five companies, according to the company. The scheme would provide employees with a new and secure way to receive payments, while also offering employers a unique benefit that can be used to attract and retain top talent.
Cartwright’s Expertise in Digital Assets
Cartwright’s ability to navigate the complexities of digital assets has been instrumental in its success in guiding institutional investors to allocate assets into bitcoin. The company’s expertise in this field is likely due to its extensive experience working with clients to develop tailored investment solutions that meet their specific needs.
The firm has a significant presence in the UK, with anywhere from 51-200 employees according to LinkedIn. Cartwright’s base of operations is located in Hampshire, and the company’s commitment to providing top-notch service to its clients has been consistently praised by industry experts.
Conclusion
Cartwright’s groundbreaking achievement in guiding the first pension fund to invest in bitcoin marks a significant milestone in the adoption of cryptocurrency among institutional investors. The company’s expertise in digital assets and ability to navigate complex investment decisions have been instrumental in making this achievement possible. As the demand for innovative investment solutions continues to grow, Cartwright is well-positioned to capitalize on this trend and provide clients with tailored solutions that meet their specific needs.
The launch of the Bitcoin Employee Benefits scheme also underscores Cartwright’s commitment to providing clients with cutting-edge solutions that can be used to attract and retain top talent. As the company continues to push the boundaries of what is possible in digital assets, its impact on the industry will only continue to grow.