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Steven Fulop, the mayor of Jersey City since 2013, suggested he planned to allocate part of the city’s pension fund to crypto exchange-traded funds, or ETFs.&nbsp;
In a July 25 X Post, Mayor Fulop <a href="https://x.com/StevenFulop/status/1816452663191450015" target="_blank" rel="noopener noreferrer nofollow">said</a> the Jersey City pension fund was updating its paperwork with the United States Securities and Exchange Commission (SEC) to reflect an investment in Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) ETFs. Though the mayor did not explicitly state what percentage of the fund would be in crypto, he said it would be <a href="https://cointelegraph.com/news/wisconsin-investments-spot-bitcoin-etf" rel="noopener noreferrer nofollow">similar to the 2%</a> allocated by the Wisconsin Pension Fund.
“I’ve been a long time believer (through ups/downs) in crypto but Broadly [sic], beyond crypto I do believe blockchain is amongst the most important new technology innovations since the internet,” said Fulop.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/315a4916-47dd-4a69-becb-fa60a7ab8850.png" alt="New Jersey mayor plans to invest in Bitcoin ETFs for city’s pension fund">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/StevenFulop/status/1816452663191450015" target="_blank" rel="noopener noreferrer nofollow">Steven Fulop</a>
 </figcaption>
</figure>
In May, the State of Wisconsin Investment Board reported exposure to spot Bitcoin ETFs issued by Grayscale and BlackRock. At the time, the two crypto investments totaled $164 million out of the board’s roughly $156 billion in assets.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoin-investment-returns-retirement-pensions" rel="noopener noreferrer nofollow">Bitcoin returns “too significant to ignore” for world’s retirement plans</a>
The SEC approved the listing and trading of spot Bitcoin ETFs on US exchanges in January, but of publicly-run pension funds, only those from the states of Wisconsin and Jersey City seem to be considering crypto ETFs. Mayor Fulop did not explicitly mention potentially investing in spot Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) ETFs, which <a href="https://cointelegraph.com/news/ethereum-etfs-post-113-million-outflows-day-two-trading" rel="noopener noreferrer nofollow">started trading in the US</a> on July 23.
Major financial institutions Wells Fargo and JPMorgan Chase <a href="https://cointelegraph.com/news/jpmorgan-chase-shares-spot-bitcoin-etf" rel="noopener noreferrer nofollow">reported less than $1 million</a> combined in spot Bitcoin ETF investments — a tiny fraction of the firms’ trillions of dollars in assets. Cointelegraph reached out to Mayor Fulop for comment but did not receive a response at the time of publication.
Magazine: <a href="https://cointelegraph.com/magazine/mad-lads-nft-tristan-yver-solana/" rel="noopener noreferrer nofollow">Trauma bonding through crypto rubble puts the Lads on top: Tristan Yver, NFT Creator</a>

New Jersey mayor plans to invest in Bitcoin ETFs for city’s pension fund

Cointelegraph

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