U.S. City to Invest Pension Fund in Bitcoin ETFs

Jersey City is set to invest a portion of its pension fund in Bitcoin ETFs, marking a pioneering move in municipal finance.

Mayor Steven Fulop announced on July 25 that the city is updating its SEC documentation to include Bitcoin ETFs in its pension investments. This follows the Wisconsin Pension Fund’s recent decision to allocate 2% of its assets to Bitcoin ETFs.

Mayor Fulop, who has been a proponent of cryptocurrency and Blockchain technology since taking office in 2013, stated, “The debate on whether Crypto/Bitcoin is here to stay is largely settled, and crypto/Bitcoin has won.” He emphasized blockchain’s significance, calling it one of the most important innovations since the internet.

The SEC’s approval of spot Bitcoin ETFs has paved the way for public pension funds to consider these investments, although Jersey City and Wisconsin are among the few exploring this path.

Major financial institutions like Wells Fargo and JPMorgan Chase have invested minimally in Bitcoin ETFs, signaling cautious engagement. In contrast, Jersey City’s move represents a growing acceptance of digital assets in public portfolios, with implementation expected by the end of summer.