U.S. State Michigan’s Pension Fund Invests in Bitcoin ETF
The Michigan State Retirement System has made a notable foray into cryptocurrency by investing in a Bitcoin ETF from ARK 21Shares. According to a recent SEC filing, the state’s pension fund purchased 110,000 shares of this ETF, valued at about $6.6 million as of June 30.
According to a recent SEC filing, the state’s pension fund purchased 110,000 shares of this ETF, valued at about $6.6 million as of June 30.
This investment represents a minor segment of Michigan’s extensive pension fund.
Michigan joins Wisconsin and Jersey City in exploring cryptocurrency investments through ETFs. Wisconsin’s investment board previously allocated $164 million to Bitcoin ETFs by Grayscale and BlackRock, while Jersey City recently indicated a 2% pension fund investment in similar ETFs.
READ MORE: Jersey City Joins Wisconsin in Investing Pension Funds in Bitcoin ETFs
Despite attempts to reach out, Michigan’s Department of Treasury did not provide comments on this investment decision.
The ARK 21Shares Bitcoin ETF began trading on the Cboe BZX Exchange in January and had a net asset value of $64.68 per share as of July 25, suggesting Michigan’s shares could now be worth over $7 million. The fund manages around $3.2 billion in total assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
