Steven Fulop, the mayor of Jersey City, announced plans to invest part of the city’s pension fund in Bitcoin exchange-traded funds (ETFs). In a recent social media post, Mayor Fulop revealed that the city’s pension fund is updating its filings with the U.S. Securities and Exchange Commission (SEC) to include Bitcoin ETFs. While the exact investment amount remains undisclosed, Fulop hinted it would align with the 2% allocation seen in the Wisconsin Pension Fund.
Fulop, a long-time advocate for cryptocurrency and blockchain technology, emphasized the significance of blockchain, comparing its impact to that of the internet. This decision aligns with the State of Wisconsin Investment Board’s earlier move, which reported significant exposure to Bitcoin ETFs from Grayscale and BlackRock, amounting to $164 million out of their $156 billion assets.
The SEC had given the green light for spot Bitcoin ETFs on U.S. exchanges earlier this year, yet public pension funds have largely stayed away from such investments. Apart from Wisconsin and now potentially Jersey City, few other public pension funds have shown interest in crypto ETFs. Mayor Fulop has not commented on whether Jersey City plans to invest in Ether ETFs, which began trading in the U.S. recently.
Despite the cautious approach of major financial institutions like Wells Fargo and JPMorgan Chase, which have minimal investments in Bitcoin ETFs, Jersey City’s move could signal a shift in public fund investment strategies. Attempts to contact Mayor Fulop for further details were unsuccessful at the time of this publication.
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