As the world moves another step closer to crypto adoption, Jersey City’s pension fund will invest in BTC ETFs. How much it will invest or which fund it will choose has not yet been revealed. Jersey City mayor Steven Fulop wrote about it on X, “Not my normal subject matter in a post but I’ll share anyway – the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won.” Of course, that decision needs approval from the premier US financial regulator, the Securities and Exchanges Commission (SEC). Fulop explained, “The #JerseyCitypension fund is in (the) process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs similar to the Wisconsin Pension Fund has done (2%).” He also mentioned that the approval may come by the “end of the summer.”
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As the world moves another step closer to crypto adoption, Jersey City’s pension fund will invest in BTC ETFs. How much it will invest or which fund it will choose has not yet been revealed. Jersey City mayor Steven Fulop wrote about it on X, “Not my normal subject matter in a post but I’ll share anyway – the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won.”
Of course, that decision needs approval from the premier US financial regulator, the Securities and Exchanges Commission (SEC). Fulop explained, “The #JerseyCitypension fund is in (the) process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs similar to the Wisconsin Pension Fund has done (2%).” He also mentioned that the approval may come by the “end of the summer.”
The state of Wisconsin’s pension fund bought 94,562 shares, worth over $100 million, of BlackRock’s iShares Bitcoin Trust during 2024’s first quarter. It also acquired over $60 million of Grayscale’s GBTC shares in the same period.
With that, pension funds investing in crypto has become a trend in the US and elsewhere. For instance, Virginia’s Fairfax County is invested in VanEck’s New Finance Income Fund. Houston’s Firefighters’ Relief and Retirement Fund has been invested in crypto for years now.
Even the largest pension fund in the world, Japan’s Government Pension Investment Fund, with $1.4 trillion worth of assets under management (AUM), requested information for investing in bitcoin-related products. Fulop said about the adoption, “I’m sure eventually it will be more common.”
He ended the announcement iterating his belief in crypto and blockchain, “I’ve been a long time believer (through ups/downs) in crypto but (b)roadly, beyond crypto (I) do believe blockchain is amongst the most important new technology innovations since the internet.”