Michigan Pension Fund Invests in Bitcoin ETF
The State of Michigan Retirement System holds 110,000 shares in ARK 21Shares Bitcoin ETF (ARKB), amounting to approximately $6.6 million, as per a filing with the United States Securities and Exchange Commission (SEC) on July 26.
Bloomberg’s senior ETF analyst Eric Balchunas highlighted the significance of this investment by stating that Michigan’s Pension Fund is now the third pension fund in the U.S. to own a Bitcoin ETF.
Earlier this year, the State of Wisconsin Investment Board (SWIB) reported a substantial investment in Bitcoin, and Jersey City’s pension fund is also considering adding Bitcoin ETFs to its portfolio.
Following the SEC’s approval of spot Bitcoin ETFs in the U.S. earlier this year, public pension funds are increasingly looking into such investments.
Chateau Capital co-founder Alex Valaitis predicts that by 2028, all 50 states in the U.S. will include crypto in their state pension funds.
Bitcoin ETFs in the U.S. have shown strong performance since their launch, attracting over $17 billion in inflows according to Farside investor data.
For more information about Michigan’s investment in Bitcoin ETFs, read the full article here.
