NEWPORT BEACH, Calif., Jan. 29, 2024 (GLOBE NEWSWIRE) — The U.S. Department of Labor (DOL) has completed its examination of Digital Asset Investment Management, LLC (DAIM). The process took almost 2 years and involved extensive audits and interviews.
The examination focused on offering spot Bitcoin to employees in employer sponsored 401k plans. DAIM has been offering spot Bitcoin, through Gemini, to plan participants since 2021. Each employee is capped at allocating 10% of their portfolio to Bitcoin. Participants do not have to invest in Bitcoin. There is a mix of stock, bond, and Target Date funds that allow participants to create an allocation that caters to their preferences. Concerns about risks of Bitcoin are mitigated by the 10% cap and employees ability to create portfolios with broad exposures across traditional asset classes. Bitcoin is volatile, however in its 14 year history volatility has favored the upside. For employers with a younger workforce the ability to invest directly in Bitcoin can incrementally increase the return of the portfolio leading to a meaningful wealth effect at time of retirement.
DAIM Founder Bryan Courchesne said that while the DOL audit was exhaustive and lengthy he appreciated the agency doing due diligence to better understand Bitcoin and its place in a well diversified portfolio. “We welcome regulation for this space. Everything we do is to get investors feeling comfortable with investing in Bitcoin and positioned to create robust investment portfolios that help them achieve and exceed their financial goals. Digital Assets are not without risks but through education and access we feel that we have put employees on the track to have long term success in retirement.”
It is important to note that the DOL maintains that completing their examination does not equate to an endorsement of having spot Bitcoin in a 401k plan. They do have guidance on 401k plans with exposure to Bitcoin which can be accessed by searching for “Compliance Assistance Release No. 2022-01”. Whether it is an endorsement or not the important outcome is that employees do have a right to direct a portion of their retirement assets toward spot Bitcoin.
For more information on 401k plans with spot bitcoin contact Digital Asset Investment Management at hq@daim.io or visit https://www.daim.io/crypto-401k/.
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