A Significant Move Toward Digital Assets in Public Pensions
The State of Michigan Retirement System has made a notable investment in Bitcoin by purchasing $6.6 million worth of ARK 21Shares Bitcoin Exchange-Traded Funds (ETFs). This investment, disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC), marks Michigan as the third U.S. state to include Bitcoin ETFs in its pension fund portfolio​.
The Michigan Retirement System bought 110,000 shares of the ARK 21Shares Bitcoin ETF, each valued at about $68.04 at the time. Relatively speaking, this represents a small portion of the $143.9 billion in total assets managed by the Michigan pension fund.
Growing Trend Among U.S. Pension Funds
This move follows a growing trend among public pension funds to explore investments in digital assets. Earlier this year, the State of Wisconsin Investment Board (SWIB) disclosed a $164 million investment in Bitcoin through BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin Trust. In addition, Jersey City’s pension fund is also considering allocating funds to Bitcoin ETFs, as announced by Mayor Steven Fulop​.
Encouraging Institutional Adoption
The approval of spot Bitcoin ETFs by the SEC in January has encouraged more institutional investors to consider Bitcoin as a viable investment option. The ARK 21Shares Bitcoin ETF, traded on the Cboe BZX Exchange, has been performing well, with total assets under management reaching $3.2 billion. This trend is expected to continue as more state pension funds explore similar investment opportunities​.
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