Michigan pension fund announced $6.6 million in Bitcoin ETF
Michigan State Retirement System holds $6.6 million in 21Shares ARKB ETF.
Michigan's pension fund disclosure adds to the growing number of US state pension funds buying Bitcoin ETFs. BTC rose again to $68,000 amid the Bitcoin 2024 conference.
State Of Michigan Retirement System invested $6.6 million in ARKB.
Michigan's state pension fund disclosed its ETF investment in a Form 13-F filed with the US Securities and Exchange Commission. as if FilingThe pension fund holds 110,000 ARKB shares, the equivalent value of $ 6.6 million, which represents 0.004% of the state's $ 143 billion in the pension fund.
US state pension fund adds Bitcoin ETFs
In January 2024, the SEC approved Bitcoin ETFs for trading, opening up further adoption to the cryptocurrency as institutional investors took notice.
Since then, the Spot BTC ETF has accumulated more than $59.4 billion in total net assets, which is about 4.59% of the total Bitcoin supply. According to Soso Value data, the total net income of the Bitcoin ETF market in the US was over $17.54 billion.
Increasing exposure and adoption is what the State of Michigan Pension Fund is suggesting with its ETF purchases. However, this isn't the first US state to dive into the crypto ETF space via Bitcoin.
In May of this year, the state of Wisconsin Investment Board announced an investment of over $99 million in a Bitcoin ETF. A filing with the SEC revealed the spending through the BlackRock IBIT ETF.
Jersey City Mayor Steven Fulop has announced plans to add Bitcoin ETFs to the city's pension fund.
The price of Bitcoin has increased.
Meanwhile, Bitcoin is set to gain more attention this week amid the Bitcoin 2024 convention in Nashville, Tennessee. Donald Trump is scheduled to speak at the summit on June 27, an event that could shed more light on his pro-crypto stance.
In contrast, Bitcoin has risen more than 5 percent in the past 24 hours to around $68,000. The price of BTC may retest the $70,000 mark and possibly mark the all-time high seen in March if the bulls maintain a higher momentum.
CryptoQuant CEO Ki Yang Ju said in an article on X on Friday that Bitcoin's bull market phase could last until 2025.
#Bitcoin Bull Cycle May End Mid 2025
Old whales profit during bull markets. Their sale brings new capital to stock addresses, increasing guaranteed prices.
Previous cycles had a payback period of about 18 months. It started 4 months ago this time. pic.twitter.com/zkc8XxkmHi
— Ki Young Ju (@ki_young_ju) July 26, 2024
