Jersey City Pension Fund To Follow Wisconsin's Lead With Bitcoin ETF Investment: 'I've Been A Long Time Believer In Crypto,' Says Mayor Fulop
Portfolio Pulse from Aniket Verma
Jersey City Mayor Steven Fulop announced that the city's pension fund will allocate a portion to Bitcoin spot ETFs, following Wisconsin's lead. The specific ETFs and allocation percentage were not disclosed. Wisconsin's pension fund previously invested in BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Trust (GBTC).
July 26, 2024 | 5:42 am
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Jersey City Pension Fund will allocate a portion to Bitcoin ETFs, potentially including Grayscale's Bitcoin Trust (GBTC). Wisconsin's pension fund previously invested $64 million in GBTC.
The announcement of Jersey City's pension fund investing in Bitcoin ETFs could lead to increased demand for GBTC, following Wisconsin's similar investment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Jersey City Pension Fund will allocate a portion to Bitcoin ETFs, potentially including BlackRock's iShares Bitcoin Trust (IBIT). Wisconsin's pension fund previously invested $99 million in IBIT.
The announcement of Jersey City's pension fund investing in Bitcoin ETFs could lead to increased demand for IBIT, following Wisconsin's similar investment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80