UK Pension Fund Makes Historic Bitcoin Investment

UK Pension Fund Makes Historic Bitcoin Investment

British pension specialist Cartwright has facilitated the first Bitcoin allocation for a UK pension fund, guiding an unnamed fund to allocate 3% of its £50 million assets to Bitcoin. This investment, distinct for directly involving Bitcoin rather than a derivative like an ETF, followed extensive consultations on ESG, security, and investment strategy.

The private key for this Bitcoin holding is safeguarded by five independent institutions to strengthen security. Notably, this 3% allocation stands out compared to smaller allocations, such as the Wisconsin state pension’s recent 0.1% BTC investment via a spot Bitcoin ETF.

Cartwright is also launching a Bitcoin Employee Benefits scheme in the United Kingdom, allowing employers to contribute Bitcoin directly to staff crypto wallets, with interest from five companies so far.

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Mt. Gox Transfers Another $2.19 Billion of Bitcoin

Mt. Gox, the defunct crypto exchange, transferred 32,371 BTC (worth $2.19 billion) to unidentified wallets as part of its ongoing creditor repayment process. This transfer followed a smaller 500 BTC movement, raising questions about the timeline for returning funds. Mt. Gox recently extended its repayment deadline to October 2025, prolonging creditor anticipation since the 2014 hack.

The large BTC movement, one of the biggest in months, shows incremental progress in addressing creditor claims. Past transactions have preceded distributions through exchanges like Kraken, suggesting potential repayment phases. Creditors, awaiting restitution for nearly a decade, now face another year of uncertainty.

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Crypto Exchanges Fight Over High Token Listing Fees

Tron founder Justin Sun and Sonic Labs co-founder Andre Cronje have alleged that Coinbase charges high fees for asset listings, countering Coinbase CEO Brian Armstrong's statement that listing assets is free. They claim fees for Coinbase’s Earn and Custody programs are effectively tied to the listing process.

Cronje pointed out multiple cases where Coinbase allegedly requested millions for listing, while Sun claimed his own project faced an $80 million fee and a $250 million deposit requirement. The debate follows remarks from Moonrock Capital CEO Simon Dedic, who criticized similar high fees charged by Binance, though some defended it as fair for distribution access.

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OpenSea Prepares to Launch a Brand New Platform

OpenSea is launching a revamped platform as overall NFT trading volumes plummet to their lowest since 2021. CEO Devin Finzer announced on X that the company has been developing this updated platform “from the ground up.” The new platform launch, scheduled for December, comes after OpenSea’s struggle to regain dominance.

Despite recent gains in market share, OpenSea faces continued challenges as the NFT market contracts significantly. Blur’s rise demonstrated traders’ preference for platforms with advanced trading features, prompting OpenSea to pivot toward offering more sophisticated tools. NFT trading volume has dropped, with trading down from $868 million in January to just $136 million last month.

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Data of the Day

Crypto investment products recorded $2.18 billion in net inflows last week, pushing the year-to-date total to a record-breaking $29.2 billion, per CoinShares. James Butterfill, head of research at CoinShares, attributed this spike to investor optimism about a potential Republican victory in the US.

Bitcoin has seen increased volatility as election expectations impact investor sentiment, underscoring the coin’s sensitivity to political developments. Last week’s trading volume surged 67%, reaching $19.2 billion and representing a substantial portion of Bitcoin trades on trusted exchanges.

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More Breaking News

• Solana's active addresses surged to 123 million in October, driven largely by increased meme coin trading activity on platforms like Pump.fun and Raydium.
• Crypto casino Metawin reported a $4 million hack involving Ethereum and Solana wallets, with funds funneled to Kucoin and HitBTC.
• Michigan’s State Retirement System invested $10 million in Grayscale’s Ethereum Trust, surpassing its previous Bitcoin holdings.
• The "President Memecoin Index" launched on Solana, letting traders follow tokens themed around the upcoming US election.
• Polymarket’s betting volume on the 2024 election reached $3.19 billion, with Donald Trump holding a 20% lead over Harris.

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