Jersey City Pension Fund to Invest in Bitcoin ETFs

Steven Fulop, mayor of Jersey City, New Jersey, announced Thursday that the city’s pension fund will invest a percentage into Bitcoin ETFs.

The pension fund’s updated paperwork is with the U.S. Securities and Exchange Commission (SEC). Fulop noted similarities to the Wisconsin Pension Fund and estimates the process will be completed by the end of summer.

“The question on whether crypto and bitcoin is here to stay is largely over, and crypto and bitcoin won,” Fulop stated on X. “I’ve been a long time believer (through ups/downs) in crypto but broadly, I do believe blockchain is amongst the most important new technology innovations since the internet.”

Spot Bitcoin ETF Inflows

Spot bitcoin ETF inflows reached $1.47 billion on July 24, with BlackRock’s IBIT bringing in the majority at $865.31 million, according to The Block’s Data Dashboard.

Comparison to Wisconsin Pension Fund

Fulop, who is running for the Democratic nomination for New Jersey governor, compared Jersey City’s pension fund strategy to the State of Wisconsin Investment Board, which invests in various pension and trust funds.

In a mid-May 13F filing with the SEC, the Wisconsin Investment Board disclosed having $100 million in shares of BlackRock’s iShares Bitcoin Trust and nearly $64 million in Grayscale Bitcoin Trust, as well as investments in other crypto companies.

“Normally you don’t get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we’ve seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds,” commented Bloomberg Senior ETF analyst Eric Balchunas.