United

Bitcoin ETF

Bitcoin

According to a <a href="https://www.sec.gov/edgar/search/#/q=Bitcoin&amp;dateRange=custom&amp;entityName=Michigan&amp;startdt=2024-07-26&amp;enddt=2024-07-26" rel="nofollow noopener" target="_blank">filing</a> with the United States Securities and Exchange Commission (SEC), the State of Michigan Retirement System now holds 110,000 shares in the ARK 21Shares Bitcoin ETF (ARKB). 
<img loading="lazy" decoding="async" class="alignnone wp-image-560605 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21.png" alt="Michigan's pension fund invests $6.6 million in Bitcoin ETFs" width="2023" height="1228" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21.png 2023w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21-300x182.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21-1200x728.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21-768x466.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-19.15.21-1536x932.png 1536w" sizes="(max-width: 2023px) 100vw, 2023px"> 
This makes Michigan the third state pension fund in the U.S. to invest in Bitcoin ETFs, following the lead of Wisconsin and New Jersey. Bloomberg analyst Eric Balchunas said that:&nbsp; 
<blockquote>
 “Michigan’s Pension bought up some ARKB, which we have valued at $7.4 million. It’s a small percentage for them, but it’s a start. They are now the third pension to report owning a Bitcoin ETF.”&nbsp;
</blockquote> 
<h3 id="span-style-font-weight-400-bitcoin-makes-a-splash-in-state-pensions-span">Bitcoin makes a splash in state pensions</h3> 
Earlier this year, the State of Wisconsin Investment Board (SWIB) reported a significant $164 million investment in Bitcoin through BlackRock’s IBIT ETF and Grayscale’s Bitcoin Trust (GBTC). 
As <a href="https://www.cryptopolitan.com/genshin-impact-version-5-leaks/">Cryptopolitan reported yesterday</a>, Jersey City Mayor Steven Fulop also shared that the city’s pension fund is considering investing in Bitcoin. Fulop said: 
<blockquote>
 “I’ve been a long-time believer (through ups and downs) in crypto but broadly, beyond crypto, I do believe blockchain is amongst the most important new technology innovations since the internet.”
</blockquote> 
Meanwhile, crypto has become quite popular this election cycle. In Michigan’s 13th Congressional District, the crypto Political Action Committee (PAC) threw its support behind incumbent Shri Thanedar with a $1 million media campaign.&nbsp; 
The Democratic representative is a crypto advocate and has been rated as “strongly supportive” by the Stand With Crypto initiative. Thanedar has been in the U.S. Congress since 2023 and has supported many pro-crypto legislation. 
He voted for the Financial Innovation and Technology for the 21st Century Act and backed a resolution to overturn an SEC rule that restricted banks from handling cryptocurrencies. 
In May, the U.S. Congress passed two pro-crypto bills, a departure from years of political deadlock. This support was unexpected from leading Democrats and it might have been influenced by the rising interest in cryptocurrency among voters. 
But it came after they approved spot Bitcoin ETFs, and they just approved Ethereum’s spot ETFs this week.

Michigan’s pension fund invests $6.6 million in Bitcoin ETFs

Съдържание

Cryptopolitan_News

Други статии, публикувани на 26.07.2024 г.

Is Ethereum Price Anticipating a Bullish Comeback Post ETF Launch?

BNB Chain Eliminates $971M BNB in 28th Quarterly Token Burn

MoonTap: An Epic Battle Against Aliens with Crypto Rewards

ICP and BNB Holders Interest Piqued By Revenue Sharing Rollblock With 100x Potential

Coinbase appoints former Bill Clinton strategist and Supreme Court attorney as director

Vice President Harris' Team Explores Crypto Landscape Ahead Of 2024 Election: 'They Get This Matt...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!