The pension fund for firefighters in Houston has reportedly completed a partial allocation of its fund – valuing at $4 billion – towards crypto. 

Specifically revealed via a Thursday Bloomberg report, the Houston Firefighters’ Relief and Retirement Fund has reportedly enlisted the New York Digital Investment Group, or NYDIG to help complete the acquisition of $25 million in Bitcoin (BTC) and Ether (ETH). 

Public records via the Texas comptroller’s office reportedly revealed the pension fund held currently have over $4.1 billion in overall net assets as of June last year, which means the group has allocated approximately 0.6% of its portfolio towards digital assets.

“We have been studying this as an asset class to add to our investment portfolio for quite some time. It became an asset class we could not ignore anymore. As more and more institutional adoptions happen, there will be more and more dynamics that develop for supply and demand. And having physical assets — actual tokens — gives us in the future the possibility of income generation potential.” The fund’s chief investment officer Ajit Singh further remarked regarding the development. 

The fund is reportedly taking care of the benefits of over 6,600 active and retired firefighters together with surviving family members. According to the group, over 50 percent of the fund is dedicated towards common and private equity but also includes domestic stocks, international stocks, bonds, cash and real estate.

In June, retirement plan provider ForUsAll reportedly rolled out the option to make a maximum amount of investment of 5% of their portfolio assets in cryptocurrencies, claiming that United States citizens could be at a “disadvantage” if they are restricted from the freedom of choosing to access crypto assets in their retirement plans.