In The Works: Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into Pension Funds
26 Juillet 2024 - 6:30AM
NEWSBTC
In a significant development showcasing the growing adoption of
cryptocurrencies within traditional financial systems, the Jersey
City pension fund is in the process of allocating an undisclosed
percentage of its assets to invest in Bitcoin ETFs. Jersey City To
Join Wisconsin In Bitcoin ETFs Investment According to Jersey Mayor
Steven Fulop, the city’s pension fund is currently updating its
paperwork with the US Securities and Exchange Commission (SEC) to
allow allocations to Bitcoin ETFs, mirroring a similar move by the
Wisconsin Pension Fund earlier this year. Related Reading:
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ADA? However, the percentage of the fund’s allocation to Bitcoin
ETFs remains undisclosed, pending final approval from the SEC, but
is expected to be completed by the end of the summer. The
issuer selected by the city’s fund to manage its investment was
also not disclosed in Fulop’s announcement on Thursday. The Jersey
City mayor also took to social media to comment on BTC and the
crypto industry stating: Not my normal subject matter in a
post but I’ll share anyway – the question on whether Crypto/Bitcoin
is here to stay is largely over + crypto/Bitcoin won. Mayor Fulop,
a self-described long-time believer in crypto, noted that beyond
just cryptocurrencies, he believes blockchain technology is
“amongst the most important new technology innovations since the
internet.” As our sister site Bitcoinist reported back in May, the
Wisconsin State Investment Board allocated about $98.6 million, or
2% of its fund, to one of the most successful Bitcoin ETFs and
asset managers, BlackRock’s iShares Bitcoin Trust. Crypto ETF
Frenzy Intensifies Following the recent approval of Ethereum ETFs
by the SEC on Monday, asset managers are reportedly quickly ramping
up efforts to launch a range of new crypto-based investment
products. According to a Bloomberg report, industry giants like
ProShares have already filed paperwork for six funds that would
provide long and short exposure to both Bitcoin and Ethereum.
Meanwhile, issuers like Hashdex are looking to package the two
largest cryptocurrencies into a single investment vehicle. Related
Reading: Debunking Doubts: How XRP Could Achieve A 3-Digit Surge —
Analyst The rush of new product filings comes on the heels of the
successful debuts of the first Bitcoin and Ethereum ETFs in the US
in January and Tuesday, respectively, as they have collectively
attracted more than $17.5 billion in net inflows so far in 2024,
dwarfing the flows of some major tech-focused ETFs. Athanasios
Psarofagis, ETF analyst at Bloomberg Intelligence, said: The
successful launches of the first crypto ETFs this year took many
analysts by surprise, as the funds attracted significantly more
assets than expected. This is clearly emboldening issuers to get
even more creative in their efforts to capitalize on surging
investor demand. At the time of writing, the largest cryptocurrency
on the market has tumbled over the past few hours and retreated to
the $64,990 level, representing a 2.3% drop compared to Wednesday’s
trading price. Featured image from DALL-E, chart from
TradingView.com
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