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The State of Michigan Retirement System reported investments in a spot Bitcoin exchange-traded fund, or ETF, offered by ARK 21Shares.
In a June 30 filing with the United States Securities and Exchange Commission, Michigan’s state pension fund <a href="https://www.sec.gov/Archives/edgar/data/762152/000076215224000004/xslForm13F_X02/InformationTable_06-30-2024.xml" target="_blank" rel="noopener nofollow">disclosed</a> holding 110,000 shares of the ARK 21Shares Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETF under the ticker ARKB. The approximate value of the shares at the time of filing was roughly $6.6 million — a small percentage of the fund’s billions of dollars in assets.
The filing suggested that Michigan was the third US state to explore allocating a part of its pension fund to crypto through exchange-traded funds since Bitcoin ETFs were approved in January. In May, the State of Wisconsin Investment Board <a href="https://cointelegraph.com/news/wisconsin-investments-spot-bitcoin-etf">reported a $164 million investment in spot Bitcoin ETFs</a> offered by Grayscale and BlackRock. On July 25, Jersey City Mayor Steven Fulop <a href="https://cointelegraph.com/news/jersey-city-mayor-bitcoin-pension-fund">hinted at a 2% investment</a> in Bitcoin ETFs by the city’s pension fund. 
Cointelegraph reached out to the Michigan Department of Treasury for comment but did not receive a response at the time of publication.&nbsp;
Related: <a href="https://cointelegraph.com/news/franklin-templeton-sbi-holdings-launch-crypto-etf-japan">Japan crypto ETFs boosted by Franklin Templeton and SBI Holdings partnership</a>
The ARK 21Shares Bitcoin ETF, which opened for listing and trading on the Cboe BZX Exchange in January, had a net asset value of $64.68 as of July 25. This suggests that the Michigan investment could be worth more than $7 million if it maintained its holdings. The fund manages roughly $3.2 billion in assets under management.
21Shares and ARK Invest initially collaborated to apply for listing and trading a spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETF on a US exchange, but the latter <a href="https://cointelegraph.com/news/ark-invest-ends-partnership-with-21shares-over-ethereum-etf">ended the partnership</a> in June. The announcement <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved">followed the SEC approving</a> spot Ether ETFs for the first time in May, with BlackRock’s iShares Ethereum Trust and others going live on July 23. 
Magazine: <a href="https://cointelegraph.com/magazine/pudgy-penguins-pixelverse-ether-etfs-price-impact-hodlers-digest-july-14-20/">Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20</a>

Michigan pension fund discloses $6.6M investment in Bitcoin ETFs

Cointelegraph

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