Michigan State Pension Triples Bitcoin ETF Holdings to $11.4M in Q2
Main Idea
The Michigan State Pension significantly increased its Bitcoin ETF holdings in Q2, reflecting a broader trend of U.S. pension funds expanding exposure to crypto-linked assets, despite recent Bitcoin ETF outflows.
Key Points
1. Michigan's pension fund tripled its Bitcoin ETF holdings to 300,000 shares, valued at $11.4 million in Q2, while maintaining a $13.6 million Ethereum position.
2. The $19.3 billion pension fund held 100,000 shares of the ARK 21Shares Bitcoin ETF as of March 31, per a 13F filing.
3. Bitcoin ETFs experienced four consecutive days of outflows totaling $1.4 billion, with Fidelity's FBTC and BlackRock's IBIT leading the withdrawals.
4. Standard Chartered projected Bitcoin could reach $200,000 by 2025, driven by institutional inflows from pension funds and other long-only investors.
5. Despite recent outflows, U.S. Bitcoin ETFs hold 6.46% of all Bitcoin, with cumulative inflows at $53.65 billion.
Description
The State of Michigan Retirement System has sharply increased its exposure to Bitcoin, tripling its holdings in the ARK 21Shares Bitcoin ETF to 300,000 shares, valued at $11.4 million in Q2. Key Takeaways: Michigan tripled its Bitcoin ETF holdings in Q2, now holding $11.4 million. The pension fund also maintains a $13.6 million Ethereum position. Despite four straight days of ETF outflows, U.S. Bitcoin ETFs still hold 6.46% of all BTC. As of March 31, the $19.3 billion pension fund held 100,000 ...
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