Jersey City announced that its municipal pension program will invest in Bitcoin (BTC) through spot Bitcoin ETFs, marking what is seen as a symbolic moment for the cryptocurrency industry as it seeks broader adoption.
Jersey City’s announcement follows a similar move by the state of Wisconsin, which purchased nearly $100 million worth of BlackRock’s spot Bitcoin ETF.
Jersey City’s Spot Bitcoin ETF Plans
Mayor Steven Fulop announced via a social media post that a portion of the city’s pension fund will be allocated to Bitcoin ETFs. In the post, Fulop expressed his support for cryptocurrencies, particularly Bitcoin.
“The question of whether Crypto/Bitcoin is here to stay has largely been answered + won by cryptocurrency/Bitcoin. The #JerseyCity pension fund is in the process of updating documents with the SEC to allocate a percentage of the capital to a Bitcoin ETF, similar to what the Wisconsin Retirement Fund has done (2%). It will be completed by the end of summer, and I am confident it will eventually become more common.”
The allocation is expected to be a modest amount but is considered a historic moment for the cryptocurrency industry in its push for wider adoption. Fulop added that the pension fund, the Employees Retirement System of Jersey City, is in the process of updating its documents with the Securities and Exchange Commission (SEC) to allocate a portion of its capital to a Bitcoin ETF, with the investment set to be finalized by the end of the summer.
A Longtime Crypto Supporter
Fulop, who has been mayor of Jersey City since 2013, revealed his long-standing support for the cryptocurrency industry despite its ups and downs. A Democrat, Fulop is running for governor of New Jersey in 2025, as Governor Phil Murphy, a fellow Democrat, has served two terms and is ineligible for re-election. Speaking about the cryptocurrency industry, Fulop said:
“Overall, beyond cryptocurrency, I believe blockchain is one of the most important new technological innovations since the internet.”
With support for cryptocurrencies and Bitcoin growing, politicians are keen to be seen as more open to the idea, and discussions on the topic have become significant during campaigns. Interest in spot Bitcoin ETFs has surged since their launch, with ETFs recording billions in inflows within just six months. With the recent launch of Ethereum ETFs, cryptocurrency ETFs are becoming a focal point right in the midst of the lead-up to the presidential elections.
Wisconsin’s Similar Announcement
Jersey City’s announcement comes just two months after the state of Wisconsin revealed its purchase of 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at nearly $100 million, making it the first state to disclose a BTC purchase. The state’s investment board also bought shares of the Grayscale Bitcoin Trust (GBTC) worth $64 million. Commenting on the purchase, ETF analyst Eric Balchunas said:
“Typically, you don’t see these large institutional moves in 13F filings for about a year (when the ETF gains more liquidity), but as we’ve seen, these aren’t usual launches. Good sign, expect more, as institutions tend to move in packs.”
Disclaimer: This article is provided for informational purposes only. It is not intended and should not be used as legal, tax, investment, financial, or other advice
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