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The State of Michigan Retirement System has invested $6.6 million in ARK 21Shares’ ARKB spot Bitcoin exchange-traded fund.
The ETF investment, <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" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> in a 13-F form filed with the SEC, represents a small fraction — 0.004% — of the state’s substantial $143.9 billion pension fund.
Michigan’s decision reflects a broader trend of institutional adoption of Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), following the lead of other states.
The State of Wisconsin Investment Board recently <a href="https://crypto.news/bitcoin-etfs-wisconsin-holdings-crypto/" data-type="link" data-id="https://crypto.news/bitcoin-etfs-wisconsin-holdings-crypto/" target="_blank" rel="noopener noreferrer nofollow">reported</a> a $99 million Bitcoin investment through BlackRock’s IBIT ETF.
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 Another state pension fund has added Bitcoin to its portfolio. In an SEC filing this morning, the State of Michigan Retirement System reported owning $6.6 million of the ARK Bitcoin ETF (110,000 shares) as of June 30. This follows Wisconsin's disclosure last quarter. Filing:…— MacroScope (@MacroScope17) <a href="https://twitter.com/MacroScope17/status/1816847251894911315?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 26, 2024</a>
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Jersey City has also <a href="https://cryptobriefing.com/jersey-city-bitcoin-etf-investment/" target="_blank" rel="noopener noreferrer nofollow">announced</a> intentions to add Bitcoin ETFs to its pension fund, with Mayor Steven Fulop expressing strong support for crypto investments.
You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-soar-total-net-inflow-17-billion/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs witness substantial inflows as broader market takes bullish turn </a>
<h2 class="wp-block-heading" id="institutional-and-state-investment">Institutional and state investment</h2>
The surge in institutional interest in Bitcoin ETFs is striking. Since the <a href="https://crypto.news/issuers-reach-significant-milestone-spot-bitcoin-etfs/" rel="noopener noreferrer nofollow">U.S. Bitcoin Spot ETF</a> launch&nbsp;in January, the market has gained substantial traction, with a $75 million influx recorded in just the past two days.&nbsp;
The decision to include Bitcoin in Michigan’s pension fund portfolio represents a major move towards an institutional emphasis on Bitcoin. There are talks of the United States adding a Strategic Bitcoin reserve.
If the United States were to <a href="https://crypto.news/will-trump-create-a-us-bitcoin-strategic-reserve/" target="_blank" data-type="link" data-id="https://crypto.news/will-trump-create-a-us-bitcoin-strategic-reserve/" rel="noopener noreferrer nofollow">adopt Bitcoin</a> as a strategic reserve asset, it could leverage its position as the largest nation-state holder of Bitcoin and would involve the U.S. Treasury holding significant amounts of Bitcoin as part of its reserve portfolio, similar to how they already do with gold or foreign currencies.
As more state pension funds and traditional financial institutions diversify their portfolios with digital assets, the mainstream adoption of cryptocurrencies appears to be gaining momentum.
You might also like: <a href="https://crypto.news/bitcoin-etf-inflows-hit-16-billion-will-ethereum-follow/" rel="noopener noreferrer nofollow"> Bitcoin ETF inflows hit $16 billion: will Ethereum follow? </a>

Michigan adds $6.6m in Bitcoin ETFs to pension fund

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