Michigan State Pension Fund 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.
Rising Adoption of Bitcoin ETFs by U.S. State Pension Funds
The U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETF trading in January 2024, paving the way for increased institutional adoption of the cryptocurrency.
Since then, the spot BTC ETF has accumulated total net assets of more than $59.4 billion, representing approximately 4.59% of the total Bitcoin supply. Data from SosoValue indicates that the total net inflow of the U.S. spot Bitcoin ETF market has surpassed $17.54 billion.
Michigan State Retirement Funds, along with other states like Wisconsin and New Jersey, are increasingly embracing Bitcoin ETFs as part of their investment portfolios.
Bitcoin Price Surge and Market Predictions
Attendees at the Bitcoin 2024 conference in Nashville anticipate insights from keynote speaker Donald Trump on June 27, potentially influencing cryptocurrency markets.
Bitcoin’s price has risen over 5% in the past 24 hours, approaching $68,000 as bullish sentiment grows for a weekend rally. If this momentum continues, BTC could retest $70,000 and surpass its previous all-time high set in March.
CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s bull market phase might extend until mid-2025, based on historical whale behavior and market cycles.