Many friends ask how pension funds could possibly invest in Bitcoin and Ethereum, but there are actually precedents for this. For example, the Michigan pension fund in the United States recently disclosed to the SEC that it holds: ARK Bitcoin ETF, 300,000 shares Valued at $11.3 million Grayscale Ethereum Trust, 460,000 shares Valued at $9.595 million Among them, the Bitcoin ETF has increased its holdings nearly threefold compared to the first quarter of this year. So don't use the perspective of a certain university's pension fund to view Western pension funds; the management and traders here have a very forward-looking vision.