JellyC, Trovio Merge for Pension Fund Investments

JellyC, an Australian crypto hedge fund manager, has amalgamated with Trovio Asset Management, a Singaporean firm, to secure larger allocations from investors, including pension funds

According to executives of the company, the majority of shares will be held by Australian hedge fund manager JellyC as it merges operations with Trovio Asset Management, as reported by Bloomberg on October 23.

Trovio’s CEO, Jon Deane, stated that the company intends to eventually divest its shareholding in the amalgamated business; however, he did not provide a specific date for this to occur.

Michael Prendiville, the Co-Founder of JellyC, stated that the merger is intended to increase the combined assets of both hedge fund managers by 150% from their current levels, equivalent to AUD 250 million or USD 166.5 million.

He stated that JellyC and Trovio have focused on significant Asian Pacific investors, particularly Australian pension funds.

Prendiville stated, “We will not receive the allocation if we are not at capacity.”

Australia has not yet allocated its pension funds to digital assets. Nevertheless, Prendiville believes that this situation will evolve as Australia prepares to implement cryptocurrency regulations.

Coinbase disclosed in May 2024 that it is developing a new service that would provide crypto investment products for portfolios that account for approximately 25% of Australia’s $2.5 trillion pension system.

In the interim, Japan and South Korea have allocated pension funds to crypto-related entities. The National Pension Service of South Korea, which oversees assets totaling nearly $800 billion, acquired 24,500 MicroStrategy shares for $33.75 million.

At present, MicroStrategy is the greatest corporate holder of Bitcoin, with a reserve of more than 252,000 BTC.

The Government Pension Investment Fund of Japan, the largest pension fund in the world and in Japan, disclosed in a press release that it is exploring the feasibility of incorporating Bitcoin and other commodities, such as farmlands, forests, and gold.

Around $6.6 million was invested by the State of Michigan Retirement System in the ARKB spot Bitcoin exchange-traded fund of ARK 21Shares in July 2024.