In a significant move within the cryptocurrency sector, Australian hedge fund manager JellyC has merged with Singapore-based Trovio Asset Management to secure larger investments from institutional players, including pension funds.
As reported on October 23, JellyC will emerge as the majority shareholder post-merger with Trovio, according to company executives.
Trovio’s CEO indicated that the firm plans to eventually divest its stake in the newly formed entity, although a timeline for this transition has yet to be announced.
Michael Prendiville, Co-Founder of JellyC, stated that the merger is poised to boost combined assets by up to 150%, targeting an increase to AUD 250 million (approximately USD 166.5 million).
Both firms are focusing on attracting major investors in the Asia Pacific region, particularly Australian pension funds. “If we’re not at capacity, we won’t get the allocation,” Prendiville noted.
Currently, Australian pension funds have not invested in digital assets, but Prendiville believes that this landscape will shift as the country prepares to introduce new cryptocurrency regulations.
In a notable development, a major crypto investment service aimed at integrating with Australia’s $2.5 trillion pension system is reportedly in the works, targeting portfolio allocations of approximately 25%.
Contrasting this, nations such as Japan and South Korea have already taken steps to incorporate pension funds into crypto-related investments. Notably, South Korea’s National Pension Service, with nearly $800 billion in assets, invested $33.75 million in 24,500 shares of MicroStrategy, the leading corporate holder of Bitcoin with over 252,000 BTC in reserves.
Additionally, Japan’s Government Pension Investment Fund, the largest pension fund globally, has disclosed its considerations for investing in Bitcoin and other assets, including agricultural land and gold.
In another significant investment move, Michigan’s State Retirement System dedicated around $6.6 million to the ARK 21Shares’ ARKB spot Bitcoin exchange-traded fund in July 2024.
