Kansas’ pension fund reported a small funding within the ill-fated cryptocurrency firm FTX, a spokesperson for the Kansas Public Worker Retirement System stated Monday.
The fund’s publicity, or funding, in FTX and its affiliated firms was $187,400, Kristen Basso, a KPERS spokesperson, stated in an e mail. That accounts for 0.0008% of the pension fund’s whole holdings as of the tip of the 2022 fiscal yr in July.
“There isn’t a danger to the long-term stability of KPERS on account of the FTX funding,” Basso stated.
FTX, a world cryptocurrency trade, and its associates filed for chapter on Nov. 11 in one of the crucial high-profile casualties of the nascent cryptocurrency trade.
Extra:Woke investments or a nonissue? Where Kansas puts its money is increasingly in the spotlight.
It adopted every week the place there was successfully a financial institution run on FTX, with a spike of consumers withdrawing their belongings from FTX amid worries in regards to the firm’s stability and future monetary prospects. The corporate then didn’t have sufficient belongings to cowl the rise in withdrawals.

Courtroom filings Nov. 19 present FTX owes over $3 billion to its prime 50 collectors and was reviewing its belongings and making ready to promote or reorganize the corporate. The corporate had been one of the crucial distinguished of its sort, enlisting celeb backers, together with Tom Brady and even sponsoring a sports activities enviornment in Miami.
Kansas is way from the one state pension fund to have been invested; pension techniques in Washington state and Ontario additionally had investments in FTX, as did the Alaska Everlasting Fund.
The Kansas Metropolis Star reported Nov. 18 that Missouri’s public worker pension fund misplaced over $1 million after investing in FTX by way of the distinguished funding supervisor BlackRock.
Whereas Kansas additionally makes use of BlackRock to handle a few of its investments, Basso stated the state’s funding in FTX didn’t come by way of that funding supervisor.
The place KPERS places its cash has turn into an more and more sizzling subject in latest months.

Extra:Amid Ukraine conflict, KPERS board votes to halt future investments in Russia
The pension fund’s board voted to divest from its holdings in Russian belongings within the wake of that nation’s invasion of Ukraine earlier this yr, although that additionally accounted for a small fraction of its whole investments.
And a few Republicans have been important of the state’s relationship with BlackRock over the corporate’s insurance policies in utilizing environmental, social and governance to craft funding selections, notably within the oil and pure gasoline industries.