• Jersey City’s pension fund will invest a percentage into Bitcoin ETFs, updating paperwork with the U.S. Securities and Exchange Commission.
• The State of Wisconsin Investment Board revealed it owned $163 million worth of spot Bitcoin ETF shares, including shares in BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust.
• Spot bitcoin ETF inflows reached $1.47 billion on July 24, with BlackRock’s IBIT bringing in the majority share at $865.31 million.
Jersey City, New Jersey’s mayor Steven Fulop announced on Thursday that the city’s pension fund will begin investing in Bitcoin ETFs. This move mirrors a similar decision made recently by the State of Wisconsin Investment Board.
Mayor Announces Plans to Invest Pension Funds in Bitcoin ETFs
In a post on the social media platform X, Mayor Fulop stated that the pension fund will allocate a percentage of its holdings to Bitcoin ETFs. The mayor drew comparisons to the Wisconsin pension fund, which recently revealed significant investments in spot Bitcoin ETFs.
Fulop estimates that the process of updating paperwork and gaining approval from the SEC will be completed by the end of the summer. In his post, the mayor expressed his long-term belief in the staying power of cryptocurrencies and blockchain technology.
Wisconsin Pension Fund’s Spot Bitcoin ETF Investments
Earlier this year, the State of Wisconsin Investment Board filed paperwork with the SEC showing that it held over $163 million worth of shares in spot Bitcoin ETFs.
The Wisconsin pension fund had $100 million invested in BlackRock’s iShares Bitcoin Trust ETF. It also held nearly $64 million in shares of Grayscale’s Bitcoin Trust. The pension fund owned equity in several crypto companies as well, including Coinbase, Block, Marathon Digital, and Riot Platforms.
According to a senior ETF analyst at Bloomberg, it is rare to see major institutional investors buying into new ETFs so early. However, given the enormous interest in Bitcoin ETFs, it’s likely that more pension funds will follow Wisconsin and Jersey City’s lead.
Conclusion
As cryptocurrencies continue to gain mainstream acceptance, it appears that major institutional investors are becoming more comfortable allocating portions of their portfolios to Bitcoin and blockchain assets. If the investments by Wisconsin and Jersey City prove successful, many other pension and investment funds may begin dipping their toes in the crypto waters.
