According to a report from Bloomberg, two public pension funds in Virginia--Fairfax County Police Officer Retirement System (PORS) and Fairfax County Employee Retirement System (ERS)--are seeking to invest $50 million in Parataxis Capital Management LLC’s crypto fund, which purchases a series of digital tokens and cryptocurrency derivatives.

Both of Fairfax's retirement systems made headlines in 2018 due to their investment in blockchain technology. At that time, ERS invested 0.3% ($10 million) of its holdings in Morgan Creek Blockchain Opportunities Fund, and PORS invested 0.8% ($11 million). In the second year, they added another $52 million, but most of Morgan Creek's fund invested in crypto-related companies with only 15% invested in the cryptocurrency itself. 

The latest move represents a larger bet by PORS and ERS on the cryptocurrency. The two pension funds are currently waiting for the approval of the board of directors. 

By Mary Liu