The Arizona State Senate submitted a letter requesting consideration to add Bitcoin ETFs to the state retirement portfolios. These are ASRS and PSPRS, acronyms for the Arizona State Retirement System and the Public Safety Personnel Retirement System, respectively. The request further extends to other digital asset ETFs that the US Securities and Exchange Commission has approved.
Initially, the idea was to closely monitor their performance and check their implications for investment portfolios. If found suitable, then Bitcoin ETFs and other digital asset ETFs should probably be added to both retirement portfolios. The move would only be taken after consulting with firms that the agency has approved to provide digital asset ETF products.
A final nod of approval would follow the review of a comprehensive report that entails the potential benefits, risks, and feasibility of dedicating a portion of the retirement system to digital asset ETFs. To reiterate, the letter submitted by the Arizona State Senate only requests to consider monitoring Bitcoin ETFs and other digital ETFs before finally adding them to two state retirement systems: ASRS and PSPRS.
The letter officially dates back to February of this year. Members of the community continue to highlight that there is no commitment at the moment and only a request to consider adding the product to retirement systems. Hence, they are only hopeful that the development yields fruitful results. It is only a commitment that would reflect an optimistic future for digital asset ETFs in Arizona State.
The letter has not shown any impact on the price of BTC. Bitcoin has, however, found a way to dance around $66,000, with the current value being $66,645.81, an increase of 0.05% in the last 24 hours. There is a drop of 40.14% in the 24-hour volume.
Bitcoin ETF’s approval by the Commission was first met with a bearish run amid the high selling pressure from GBTC. It has now bounced from the low of ~$40,000 and recorded heavy inflows in ETFs. Following BlackRock and Grayscale on the list is Fidelity.
IBIT by BlackRock was last reported to have registered $788 million in daily inflow, a record high achieved this Tuesday. Fidelity bagged an inflow of $125.6 million, followed by Ark Invest 21 Shares, with a value of $63.7 million.
ETH is also thriving on the bull, with a listed value of $3,809.17 at the time of articulating this piece. Spot Ether ETF will soon make its way into the market. An estimated timeline predicts that the said ETF could be launched as early as the first half of 2024. An approval from the US SEC is awaited for Ether ETF.
The Arizona State Senate is now looking forward to having digital asset ETFs in the state’s retirement system. The addition depends on how the product behaves in the market and what kind of implications it has.
