The state senate in Arizona is now considering adding Spot Bitcoin ETFs as an option in retirement portfolios, per records of the new bill. The proposal aims to encourage the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to look into adding the option to these types of investment portfolios soon.. The proposed bill was approved by the Senate’s Third Reading in a 16-13 vote. Now, the House will review the bill for a second time. The latest proposal explains the growth of Bitcoin ETFs as a new asset. Additionally, it emphasizes the importance of monitoring them moving forward as a potential asset for retirees. The ASRS and PSRPS would further diversify their portfolio offerings by adding Bitcoin ETFs to their menu. Furthermore, as the recent boom of Bitcoin shows, ETFs could be a promising area of growth for the systems to explore in Arizona retirement portfolios.. To start offering the Spot Bitcoin ETFs after any approval, the ASRS and PSRPS would need to begin consulting with firms approved by the U.S. Securities and Exchange Commission to offer Bitcoin ETFs. These include Grayscale, BlackRock, and Fidelity, among other asset managers.. Source: coinpedia.org. Also Read: Cryptocurrency: Top 3 Coins to Buy Under $0.01 For Stellar Profits. Furthermore, the systems would need to submit a comprehensive report on the feasibility, risks, and potential benefits of directing a portion of state retirement system funds into these Spot Bitcoin ETFs. The report would include options and recommendations for safely investing in the asset class. It would then be submitted to state officials at least three months before the beginning of the Fifty-Seventh Legislature, First Regular Session.. It is unclear how the House will vote on the bill this time around. However, they’ll need to consider the growth and success of BTC ETFs this year thus far.