New Jersey Pension Fund invests $7 million in Bitcoin mining companies Riot Blockchain and Marathon.

According to a report by Coindesk, the New Jersey state pension fund has shifted its investment focus to the crypto sector, directly investing $7 million in bitcoin mining.

Although New Jersey simultaneously issued a cease-and-desist order against the cryptocurrency service company BlockFi for violating securities laws, ordering a halt to its illegal BIA accounts, the state government's pension fund is also investing in Bitcoin mining, indicating that the state government is not outright rejecting the crypto industry, but rather moving towards gradual regulation.

The New Jersey pension fund, with assets of $30 billion, made its first investments in two Bitcoin mining companies, Riot Blockchain and Marathon Digital Holdings.

According to documents, as of June, the New Jersey pension fund had investments of $3.66 million and $3.39 million in Riot Blockchain (NASDAQ: RIOT) and Marathon Digital Holdings (NASDAQ: MARA) respectively.

In recent months, pension plans in other states have also made investments in Bitcoin mining stocks, such as California.

Previously, the world's largest sovereign wealth fund, the Norwegian Pension Fund, indirectly held 577.6 Bitcoins through its investment in MicroStrategy.

This article is authorized to be reprinted from Horizon News Network.