New Jersey Pension Invested $7M in Bitcoin Mining Stocks Last Quarter

New Jersey’s pension fund chased crypto mining’s upside last quarter with multimillion-dollar bets on two of the industry’s biggest names.

The state-managed pension ended June with $3.66 million in Riot Blockchain (NASDAQ: RIOT) and $3.39 million in Marathon Digital Holdings (NASDAQ: MARA), according to disclosure documents.

New Jersey’s Common Pension Fund D has $30 billion in total assets for state employees.

The allocation appears to be New Jersey’s first in the crypto sector. Other state-run pension schemes have also warmed to bitcoin mining stocks in recent months, most notably California’s.

The NJ Division of Investment did not immediately reply to a request for comment.

Read more: California Pension Fund Loaded Up on RIOT Shares During Bitcoin’s Q4 Rally