AMP, an Australian superannuation fund managing $57 billion in assets, has allocated $27 million to Bitcoin, marking the first step into digital assets by a large Australian pension fund.

The investment was made in May 2024 and represents 0.05% of its total assets under management. AMP acquired Bitcoin when it traded between $60,000 and $70,000, citing plans to diversify its portfolio and capitalize on the cryptocurrency’s historic rally following Donald Trump’s electoral win.

Despite Bitcoin recently surpassing $100,000, other Australian superannuation funds remain hesitant, citing the asset’s risk.

Globally, pension funds are gradually exploring Bitcoin as a hedge and growth opportunity. Michigan’s state pension fund invested $6.6 million in a Bitcoin ETF, while South Korea’s National Pension Service acquired 24,500 MicroStrategy shares in August 2024. MicroStrategy is seen as a leveraged Bitcoin investment vehicle due to its aggressive BTC acquisitions funded by debt.

NPS, the largest investor in South Korea, manages over $777 billion in assets as of February 2024. The fund also continues to hold investments in other tech and crypto-related companies, including a $51 million stake in Coinbase, $31.5 million in Roblox, and $61.5 million in Jack Dorsey’s Block.

In July, Mayor Steven Fulop said that Jersey City’s pension fund will allocate a portion of its assets to invest in Bitcoin exchange-traded funds (ETFs). Fulop, a candidate seeking the Democratic nomination for New Jersey governor, shared that the city is updating its documentation with the U.S. Securities and Exchange Commission (SEC) to include Bitcoin ETFs.

Japan’s Government Pension Investment Fund, with nearly $1.5 trillion in assets, remains the world’s largest pension fund, followed by Norway’s Government Pension Fund, holding just over $1.3 trillion, according to the Thinking Ahead Institute’s Global Pension Assets Study.

In the UK, pension manager Cartwright allocated 3% of its portfolio to Bitcoin in November, citing its unique risk-return profile. Florida’s pension fund manager also advocated for Bitcoin inclusion amid growing institutional interest in the digital asset as a tool for diversification and inflation protection.