Australian crypto hedge fund JellyC has merged with Singapore-based Trovio Asset Management in a bid to secure larger investments from institutional players, including pension funds.
According to a Bloomberg report on October 23, JellyC will retain a majority stake in the newly combined entity, as confirmed by the companies’ executives.
Jon Deane, CEO of Trovio, revealed plans to eventually sell the company’s shares in the merged venture, though no specific timeline was provided.
JellyC’s Co-Founder Michael Prendiville noted that the merger’s goal is to increase their combined assets under management (AUM) by 150%, aiming for AUD 250 million (approximately USD 166.5 million).
Prendiville highlighted that both JellyC and Trovio are focusing on attracting significant investors from the Asia-Pacific region, with a special focus on Australian pension funds.
“If we’re not at capacity, we won’t get the allocation,”
Prendiville said, emphasizing the need to scale their AUM to attract larger institutional players.
Despite Australia’s pension funds not yet investing in digital assets, Prendiville expects that to change as the country edges closer to implementing crypto regulations. This aligns with Coinbase’s announcement in May 2024 of a new service aimed at offering crypto investment products, potentially catering to around a quarter of Australia’s $2.5 trillion pension system.
Globally, countries like Japan have already integrated crypto-related ventures into their pension fund portfolios. For instance, Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund, is reportedly exploring investments in alternative assets such as Bitcoin (BTC) and gold. The GPIF aims to assess the viability of incorporating these assets alongside commodities like farmland and precious metals into its portfolio.
Similarly, the State of Michigan Retirement System invested $6.6 million in the ARK 21Shares ARKB spot Bitcoin ETF, which accounted for 0.004% of the state’s $143.9 billion pension fund. This small yet notable allocation reflects the growing interest in digital assets among global institutional investors.
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