Michigan Pension Fund Triples Bitcoin Exposure, Indicating Potential Institutional Adoption Amid ETF Outflows
Main Idea
The Michigan state pension fund has tripled its Bitcoin exposure by acquiring 300,000 shares of the ARK 21Shares Bitcoin ETF, valued at $11.4 million, indicating growing institutional interest in Bitcoin despite recent ETF outflows.
Key Points
1. The Michigan pension fund now holds 300,000 shares of the ARK 21Shares Bitcoin ETF, worth $11.4 million.
2. This move signals increased institutional adoption of Bitcoin, even as ETF outflows have been observed.
3. The pension fund also holds 460,000 shares of the Grayscale Ethereum Trust, valued at $13.6 million.
4. Bitcoin's potential for high returns is seen as a benefit for pension funds, though its market performance can significantly impact their portfolios.
Description
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