According to the proceedings of the Arizona Senate, the state is pushing for a resolution aimed at encouraging legislators and the fund managers of the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to consider allocating a portion of their investment portfolios to Bitcoin spot ETFs.
The resolution was passed in the Arizona Senate with a vote of 16-13 at the end of last month, with senators voting along party lines. All Democrats voted against it. The resolution is currently being reviewed for the second time by the House Finance Committee.
If passed, the resolution will require ASRS and PSPRS to prepare a report exploring the feasibility, risks, and potential benefits of allocating a portion of the state retirement system funds to digital asset ETFs. This report will include a selection and recommendation list on how the state can securely invest in digital assets.
In fact, this is not the first time a US state government has considered adding cryptocurrency-related exposure investments to pension and retirement plans. In 2021, a firefighter pension fund in Houston announced a $25 million investment in Bitcoin and Ethereum through investment management company NYDIG. The Fairfax County Police Officer Retirement System in Virginia also began allocating funds to cryptocurrency-related investments in 2019, including a $50 million investment in Morgan Creek Capital’s blockchain fund.
However, the newly approved Bitcoin spot ETFs provide these retirement funds with a more accessible channel for investment, making it easier for retirement funds to incorporate Bitcoin into their portfolios.
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