Jersey City Retirement Fund to Invest in Bitcoin ETF

Jersey, New Jersey Mayor Steven Fulop introduced that the town’s retirement fund will allocate a few of its investments to a Bitcoin ETF.

Fulop additionally expressed his long-standing perception in cryptocurrencies, though he had by no means publicly talked about Bitcoin or different belongings earlier than July 25.

Jersey Metropolis and SEC Up to date Paperwork

In an X put up on July 25, Mayor Fulop introduced that they had been updating their filings with the U.S. Securities and Alternate Fee (SEC) to permit Bitcoin ETF investments.

This isn’t my regular subject in posts, however I’ll share it anyway – the query of whether or not crypto/Bitcoin is right here to remain is essentially over + crypto/Bitcoin received. this #jerseycity Retirement fund is updating SEC filings to allocate % of fund to Bitcoin ETF… https://t.co/5iNEqRqHGM

— Steven Fulop (@StevenFulop) July 25, 2024

Whereas the precise proportion of the retirement fund allotted to Bitcoin was not disclosed, Mayor Flopp stated it will be just like the two% allocation from the Wisconsin State Retirement Fund. The method is anticipated to be accomplished by late summer season.

Fulop expressed sturdy confidence within the sturdiness of cryptocurrencies and Bitcoin and emphasised his perception in blockchain as a significant technological development just like the Web.

Mid-Might 13F Archive The Wisconsin Funding Fee disclosed important investments in crypto belongings to the SEC, together with a $100 million funding in BlackRock’s iShares Bitcoin Belief and almost $64 million within the Grayscale Bitcoin Belief. The board additionally holds stakes in crypto corporations resembling Coinbase, Block, Marathon Digital and Riot Platforms.

Different smaller retirement funds, such because the Houston Firefighters Reduction and Retirement Fund, which has about $5 billion in belongings, have additionally been involving Been engaged in cryptocurrency investing for a few years. Likewise, a retirement fund in Fairfax County, Virginia, has invested within the crypto trade, securing funding via VanEck’s new Monetary Earnings Fund, which final yr grew to become a creditor of bankrupt crypto firm Genesis.

Curiosity in Cryptocurrency ETFs is Rising

In January, the U.S. Securities and Alternate Fee officially recognized Spot Bitcoin ETFs are listed and traded on U.S. exchanges. Regardless of the approval, solely publicly operated pension funds in Wisconsin and Jersey Metropolis seem like exploring these crypto ETFs.

On the identical time, Eric Balchunas, senior ETF analyst at Bloomberg famous In Might, it was uncommon for a big establishment to seem in a 13F submitting inside an ETF’s first yr resulting from liquidity issues. Nevertheless, the fast curiosity in these spot Bitcoin ETFs suggests this can be a particular launch, suggesting extra establishments might observe swimsuit, as they usually transfer in droves.

Globally, public pension plans have additionally proven curiosity in cryptocurrencies. For instance, the Japanese Authorities Pension Funding Fund, the world’s largest with $1.4 trillion in belongings, requested info on Bitcoin investments earlier this yr.