United States Jersey City Pension Fund plans to invest in Bitcoin ETFs

Steven Fulop, mayor of Jersey City, New Jersey, since 2013, announced that the city's pension fund will soon invest a percentage in bitcoin via exchange-traded funds, according to a Thursday social media post.

Referencing a post from Bitcoin Magazine about the world's biggest Bitcoin conference taking place in Nashville, Fulop wrote that while he has long been a supporter of cryptocurrencies (despite their ups and downs), he also believes that blockchain represents one of the significant technological advances since the internet.

Although this is not my typical post topic, I'll share it nonetheless: the debate over whether cryptocurrency or bitcoin is here to stay is largely settled, and crypto/bitcoin has won. Jersey City pension fund was amending its filings with the US Securities and Exchange Commission (SEC) to reflect an investment in Bitcoin exchange-traded funds (ETFs), said in the post.

The post did not state what percentage of the fund would be allocated to cryptocurrencies, but it would be similar to the 2% that the Wisconsin Pension Fund has set aside. It was not specified what kind of Bitcoin exchange fund the city planned to invest in.

The State of Wisconsin Investment Board disclosed its holdings in crypto companies, including Coinbase, Block, Marathon Digital, Riot Platforms, and others, along with its investments in $100 million in shares of BlackRock's iShares Bitcoin Trust and nearly $64 million in the Grayscale Bitcoin Trust, in a mid-May 13F filing with the SEC.

The listing and trading of spot Bitcoin ETFs on US exchanges was approved by the SEC in January; however, of publicly managed pension funds, only those from Wisconsin and Jersey City, the second-most populous city in the U.S. state, appear to be taking crypto ETFs into consideration.

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