- The State of Michigan Retirement System invested $6.6 million in the ARK 21Shares Bitcoin ETF.
- Michigan’s investment follows Wisconsin’s $162 million in Bitcoin ETFs.
- Institutional investments like Michigan’s may reduce Bitcoin’s volatility.
The State of Michigan Retirement System has invested $6.6 million in the ARK 21Shares Bitcoin ETF. This is the second confirmed pension fund investment in the spot bitcoin ETFs. The investments indicate a growing interest in digital assets among traditional institutional investors.
MICHIGAN THE LATEST PENSION FUND TO EXPLORE BITCOIN ETF EXPOSURE
– First Wisconsin… Then Jersey City… Now Michigan.
– In a today SEC filing, Michigan’s Retirement System disclosed investment into the 2024-launched spot Bitcoin ETFs.
– More specifically, it disclosed… https://t.co/Q3lm7rulGM pic.twitter.com/JNVdYkG6T2— BSCN (@BSCNews) July 26, 2024
The Michigan Retirement System manages more than $143.9 million in pension fund assets for state employees. Their recent purchase included 110,000 shares of the ARK 21Shares Bitcoin ETF.
The move follows the Wisconsin Investment Board’s May disclosure of stakes in BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. The stakes were valued at $99 million and $63 million, respectively.
The 13-F filings are made to the Securities and Exchange Commission around 45 days after the end of each quarter. These filings may not reflect current positions, although they do offer a glimpse into institutional investment patterns. Retail investors have contributed $32 billion to newly created bitcoin ETFs in the last six months.
Institutions that allocate to these funds, such as the Michigan pension fund, often have a longer-term investing strategy. This investment strategy may minimize bitcoin’s high volatility. Prominent industry figures have stressed that bitcoin’s price volatility might be controlled by long-term investors.
Read CRYPTONEWSLAND on
google news
The mayor of Jersey city revealed that they plan to invest local pension funds in bitcoin ETFs. Although specifics and timelines were not mentioned, their statement emphasizes how institutional investors are increasingly embracing cryptocurrencies.
The Michigan Retirement System investment in the ARK 21Shares Bitcoin ETF represents an important move toward cryptocurrency acceptance. The move could pave the door for more institutional investment in the cryptocurrency industry which might result in improved stability and wider adoption.
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
