Jersey City Pension Fund Allocating Assets to Bitcoin ETFs
The Jersey City pension fund is making waves in the financial world by announcing its plans to invest in Bitcoin ETFs, following in the footsteps of the Wisconsin Pension Fund. The undisclosed percentage of assets allocated to Bitcoin ETFs is currently pending approval from the SEC, with the process expected to be completed by the end of the summer.
Jersey Mayor Steven Fulop shared the news, highlighting his belief in the future of cryptocurrencies and blockchain technology. This move comes at a time when the crypto ETF frenzy is intensifying, with asset managers rushing to launch new investment products following the recent approval of Ethereum ETFs by the SEC.
Industry giants like ProShares and Hashdex are already in the process of filing paperwork for new funds that provide exposure to Bitcoin and Ethereum. The success of the first Bitcoin and Ethereum ETFs in the US earlier this year has attracted significant investor demand, with over $17.5 billion in net inflows so far in 2024.
As the financial world continues to embrace cryptocurrencies, the market remains volatile, with Bitcoin experiencing a 2.3% drop in price compared to the previous day. Despite the fluctuations, the growing interest in crypto investments signals a shift in traditional financial systems towards digital assets.