Michigan Retirement System Invests $6.6 Million in Bitcoin ETF
- The Michigan Retirement System holds $6.6 million in 21Shares’ ARKB ETF.
- The Michigan pension fund’s disclosure adds to a growing number of U.S. state pension funds buying spot Bitcoin ETFs.
- During the Bitcoin 2024 conference, BTC surged to $68,000 again.
The Michigan Retirement System has disclosed that 21Shares invested $6.6 million in ARKB, a spot Bitcoin exchange-traded fund.
Michigan State Pension Fund discloses ETF investments on Form 13-F filed with the Securities and Exchange Commission. According to Archive, the pension fund holds 110,000 ARKB shares with an equivalent value of $6.6 million, accounting for approximately 0.004% of the $143 billion pension fund held by the state.
U.S. State Pension Funds Embrace Bitcoin ETFs
The approval of spot Bitcoin ETF trading by the U.S. Securities and Exchange Commission in January 2024 has led to increased adoption of cryptocurrency among institutional investors.
The total net assets of the spot BTC ETF have exceeded $59.4 billion, representing about 4.59% of the total Bitcoin supply. SosoValue data indicates that the net inflow of the U.S. spot Bitcoin ETF market has surpassed $17.54 billion.
Several U.S. state retirement funds, including the Wisconsin Investment Commission and the Michigan Retirement System, have made significant investments in Bitcoin ETFs, signaling a growing trend in the adoption of digital assets.
Bitcoin Price Surges Amid Conference Buzz
The ongoing Bitcoin 2024 conference in Nashville, Tennessee, has heightened interest in the cryptocurrency, with an upcoming speech by Donald Trump expected to shed light on his views on digital assets.
Bitcoin’s price has surged by more than 5% in the past 24 hours, reaching nearly $68,000 as investors anticipate a potential rally over the weekend. If the current momentum continues, BTC price could retest the $70,000 mark and potentially surpass its previous all-time high from March.
According to Ki Young Ju, CEO of CryptoQuant, Bitcoin’s bull market phase may extend until mid-2025, as historical data suggests a prolonged cycle of profit realization and accumulation.
