Arizona Could Add Bitcoin ETFs to Retirement Portfolios
The Arizona State Senate is deliberating a potential resolution that would urge the inclusion of Bitcoin exchange-traded funds (ETFs) in the retirement portfolios of the state’s two major funds, the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS).
The proposal, which passed the Senate’s Third Reading with a 16-13 vote on February 22 and is now undergoing a House review for a second time, aims to have the two pensions consider investing in Bitcoin ETFs and monitor the industry’s developments.
According to state records, this would involve consulting with firms that offer Securities and Exchange Commission (SEC)-approved Bitcoin ETFs and providing a detailed report on the feasibility, risks, potential benefits, and safety measures of such investments to the State Treasurer, President of the Senate, and Speaker of the House of Representatives.
The resolution was first introduced and read in the Senate on January 30, 2024.
