Virginia Public Pensions Make a Direct Bet on Cryptocurrencies

A couple of Virginia public pension funds that first dipped their toes into the world of digital assets by investing in venture capital two years ago are at it again, and this time they are making a more direct bet on cryptocurrencies.

The Fairfax County Police Officers Retirement System and Fairfax County Employees’ Retirement System are planning to invest, pending board approvals, a total of $50 million in Parataxis Capital Management LLC’s main fund, which buys various digital tokens and cryptocurrency derivatives.

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