the firm could lose up to $10 million in FTX’s debacle, and its own cryptocurrency has lost value. But crypto values have fallen before, and bounced back higher, as some of its anxious fans are fond of noting.
At least one PSERS manager, New York-based Insight Partners, is among the leading investors in FTX, but didn’t disclose how much it had in the firm. SERS has not directly invested in Bitcoin or other cryptocurrencies, but does have around $6 million invested with financial firms “that do a sizable portion of their business in the cryptocurrency industry,” Hile said.Philadelphia’s $6 billion-plus pension fund “is not an investor in cryptocurrency, nor have we invested in crypto related businesses,” said spokesman Kevin Lessard.
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