During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It’s just that many didn’t do as well as the industry’s most famous token: Bitcoin.

Several crypto hedge funds saw positive returns last year, but none could match Bitcoin's remarkable performance, which surged 120% to surpass $100,000 for the first time.

Hedge fund gains were paltry when compared with the advance notched by bitcoin, which surged 120 per cent to above $US100,000 for the first time.

Pension funds are dipping their toes into buying bitcoin, in a sign that even typically staid corners of finance are finding it hard to ignore the potential outsized returns from cryptocurrencies. Pension schemes for the states of Wisconsin and Michigan are among the top holders of US stock market funds devoted to crypto,

Over 1,000 hedge funds, pensions and other financial institutions are invested in Bitcoin directly or through exchange-traded products. Several U.S. state pension funds are adopting