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The Korean Teachers' Credit Union (KTCU), which boasts more than $40 billion in assets under management, plans to invest into a spot Bitcoin exchange-traded fund, according to an Oct. 25 report by The Korea Economic Daily that cites industry sources.
The size and the timeline of the investment remain unclear for now, the report says.
A KTCU official claims that the teachers' fund, which is the second-biggest institutional investor in South Korea, plans to consult with local asset managers before making a decision regarding asset allocation:
As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers
In 2020, the KTCU has scored its best year since 2009, recording a 10% investment return that totaled $2.9 billion. Its net profit amounted to a record-breaking $844 million.
The stock of software company Ellie Mae was among its most successful bets last year, generating a 65% return on the investment.
Bitcoin is up 114% year-to-date.