Michigan Adds $6.6M in Bitcoin ETFs to Pension Fund

The Michigan State Retirement System has invested $6.6 million in ARK 21Shares’ ARKB Spot Bitcoin Exchange-Traded Fund.

ETF investment, disclosed in a Form 13-F filed with the SEC, represents a tiny fraction (0.004%) of the state’s massive $143.9 billion pension fund.

Michigan’s decision reflects a broader trend toward institutional adoption of Bitcoin (BTC), following the example of other states.

Recently, the Wisconsin State Investment Board reported a $99 million investment in Bitcoin through BlackRock’s IBIT ETF.

Jersey City also has announced plans to add Bitcoin ETFs to its pension fund, with Mayor Steven Fulop voicing strong support for cryptocurrency investing.

Institutional and state investments

The surge in institutional interest in Bitcoin ETFs is impressive. Since US Bitcoin Spot ETFs Since its launch in January, the market has seen considerable success, with $75 million inflows recorded in the last two days alone.

The decision to include Bitcoin in the Michigan pension fund’s portfolio is a major step toward institutional emphasis on Bitcoin. It’s called the addition of a strategic reserve of Bitcoin by the United States.

If the United States were to adopt bitcoin As a strategic reserve asset, it could leverage its position as the largest holder of Bitcoin among nation states and would require the U.S. Treasury to hold large amounts of Bitcoin as part of its reserve portfolio, similar to how it already does with gold or foreign currencies.

As more government pension funds and traditional financial institutions diversify their portfolios with digital assets, widespread adoption of cryptocurrencies appears to be gaining traction.

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