Michigan’s State Pension Fund Triples Bitcoin ETF Exposure, Demonstrating Strong Belief In Crypto’s Future
Main Idea
Michigan’s State Pension Fund has tripled its investment in the ARK 21Shares Bitcoin ETF, reflecting growing institutional interest in Bitcoin despite the position remaining a small fraction of its total assets.
Key Points
1. The State of Michigan Retirement System increased its holdings in the ARK 21Shares Bitcoin ETF (ARKB) to 330,000 shares, up from 110,000 shares in April.
2. At Bitcoin's current price, the pension fund's ARKB position is valued at approximately $11.4 million, representing 0.03% of its $79 billion in assets under management.
3. This follows a similar move by the State of Wisconsin Investment Board, which disclosed $321 million in Bitcoin exposure via BlackRock’s IBIT and Grayscale’s GBTC in February.
4. Michigan’s pension fund also holds 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at around $13.6 million, making it the first US state pension fund to invest in Ethereum.
5. Bloomberg’s senior ETF analyst Eric Balchunas noted the investment as a significant, albeit small, step for institutional adoption of Bitcoin ETFs.
Description
The State of Michigan Retirement System has tripled its exposure to Bitcoin through the ARK 21Shares Bitcoin ETF.
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