According to a report by the Financial Times, pension funds in the UK and Australia are attempting to purchase Bitcoin. Pension funds in Wisconsin and Michigan have become some of the largest holders of cryptocurrency-focused mutual funds in the US, while some pension fund management agencies in the UK and Australia have also made small allocations to Bitcoin through funds or derivatives in recent months. As of the end of September, the Wisconsin Investment Board became the 12th largest holder of the BlackRock Bitcoin ETF, with holdings valued at approximately $155 million. Michigan is the sixth largest holder of the Grayscale Ethereum ETF, with holdings worth $12.9 million, and is also the 11th largest holder of the ARK 21Shares Bitcoin ETF. Since the US election day, the UK pension consultancy Mercer has received a large number of inquiries, as trustees do not want to be uninformed about this popular asset class. Most pension funds have turned to the regulated US spot Bitcoin or Ethereum ETFs approved last year. In the UK, the pension consultancy Cartwright has facilitated the first Bitcoin transaction, with a small undisclosed pension plan directly investing approximately £1.5 million in Bitcoin, hoping to fill a funding gap through excess returns. Meanwhile, over 50 individual savers are looking to fully transfer their pensions into cryptocurrencies. Cartwright is exploring the possibility of establishing a Bitcoin fund with two multi-employer pension funds. Australia's AMP Pension Fund Management Company is also using Bitcoin to enhance returns. AMP Senior Portfolio Manager Steve Flegg stated that although cryptocurrencies are high-risk and novel, their scale and potential cannot be ignored, thus the AMP portfolio has made moderate allocations to Bitcoin futures. However, funds allocating to Bitcoin and other cryptocurrencies remain in the minority within the pension industry, and most advisors are reluctant to recommend clients to venture into cryptocurrencies.