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Key Points:
On July 25th, Fulop announced that Jersey City, the second-largest city in New Jersey, is updating its filings with the SEC to include a Bitcoin ETF in its pension fund investments. This move follows a similar decision by the Wisconsin pension fund, which allocated 2% of its $15.6 billion assets to a Bitcoin ETF in the second quarter.
Fulop, who has served as mayor since 2013, emphasized his long-standing belief in cryptocurrencies and blockchain technology. He stated, “The debate about whether cryptocurrencies/bitcoin will continue to exist is essentially over; cryptocurrencies/bitcoin have won.” He further highlighted the potential of blockchain technology as “one of the most significant technological innovations since the internet.”
Bitcoin ETFs have performed well since their launch earlier this year, with BlackRock’s iShares Bitcoin ETF (IBIT) recently surpassing the inflows of the Nasdaq’s QQQ. The SEC’s approval for physically backed Bitcoin ETFs on U.S. exchanges paves the way for public pension funds to consider such investments, although Jersey City and Wisconsin remain among the few public entities exploring this avenue.
While major financial institutions like JPMorgan and Bank of America have limited participation in Bitcoin ETFs, with total investments below $1 million, Fulop’s decision reflects increasing institutional acceptance of digital assets. The implementation of Jersey City’s Bitcoin ETF within the pension fund is expected to be completed by the end of this summer.
Sentiment: Positive
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