U.S. public pension and trust fund investment in digital assets

As Bitcoin, regulated stablecoins, and crypto-linked equities have gained legitimacy in institutional finance through recent federal actions, a handful of public pension funds have begun taking limited exposure, and many more have been quietly exploring the possibility of entering the market. This report finds that Bitcoin’s growing institutional and monetary adoption, its fixed supply, and historical performance indicate that it can be a legitimate—though highly volatile—return and diversification instrument for public pensions. Fully backed and properly regulated stablecoins can be treated as...