Jersey City Pension Fund to Invest in BTC ETFs, Mayor Steven Fulop Announces

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

Jersey City's pension fund will invest in BTC ETFs, according to an announcement by Jersey City Mayor Steven Fulop on Friday. The decision still needs approval from the Securities and Exchanges Commission (SEC).

“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,” Fulop wrote on X.

“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%)).”

“I’m sure eventually it will be more common,” he added, concluding the announcement with 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.”

The Wisconsin state pension fund bought 94,562 shares, valued at over $100 million, of BlackRock's iShares Bitcoin Trust in 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 have 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 in assets under management, requested information for investing in bitcoin-related products.

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