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A new legislative filing from the Arizona State Senate shows the body is encouraging its two retirement bodies to gain exposure to BTC through spot Bitcoin ETF products.
A brief prepared by the Senate Research dated February 8, 2024, highlighted permissions granted to the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to monitor Bitcoin ETFs and explore adding them to their investment portfolios.
The Arizona State Provisions for Bitcoin
The Arizona State Senate highlighted 3 key provisions that the ASRS and PSPRS bodies can explore concerning the spot Bitcoin ETF push.
First, it noted that they could go ahead to consider the implications of adding a crypto ETF into their investment portfolios.
Secondly, the Senate highlighted permissions for the close monitoring of developments taking place in the spot Bitcoin ETF ecosystem.
It said the ASRS and PSPRS can explore the implications of adding the Bitcoin ETF and this exploration may feature consulting with an issuer already licensed by the United States Securities and Exchange Commission (SEC) to offer a spot Bitcoin ETF.
JUST IN: 🇺🇸 Arizona State Senate is considering adding #Bitcoin ETFs to its state retirement portfolios. pic.twitter.com/5t6v3Z5UuU
— Bitcoin Magazine (@BitcoinMagazine) March 6, 2024
If the first 2 provisions are employed, the bodies may then submit a comprehensive report on the “feasibility, risk, and potential benefits” of making an allocation based on a portion of the Assets Under Management (AUM) by the retirement systems.
While this current recommendation is not binding at the moment, it stands as a major reminder that interest in the spot Bitcoin ETF is notably diverse.
Spot Bitcoin ETF: The New Price Trigger
The eventual approval of spot Bitcoin ETFs came after more than 10 years of constant lobbying. The predictions that the emergence of the new investment product would boost the price of Bitcoin turned out correct.
Notably, the recent $69,100 high in Bitcoin price is tied to the intense accumulation of BTC by the ETF issuers relative to the coin’s daily production through mining.
With the spot Bitcoin ETF market still in its infancy, there are projections of more bullish growths ahead, with CryptoQuant co-founder Ki Young Ju projecting that the coin may never retest its ETF listing price of $46,376