Michigan’s pension fund for state employees has increased its Bitcoin exposure.BTCARK 21Shares ARKB exchange-traded funds, highlighting that ETFs streamline access to digital assets by institutional investors.
According to the regulatory authorities, by the end of second quarter the State of Michigan Retirement System had 300,000 ARKB share worth $10.737 millions. filings With the US Securities and Exchange Commission. This is a significant increase over the 110,000 shares it held in the previous year.
ARKB was ranked 11th in the list of Bitcoin ETFs approved by the SEC Direct exposure to cryptocurrency in January 2024.
The value of the ARKB shares held by the pension fund would be approximately $11.3m if no shares were sold since the previous disclosure.
As of June 30, the pension fund revealed that, in addition to Bitcoins and other Bitcoin related holdings it also owned approximately 9.6 millions dollars worth of Grayscale Ethereum Trust. The position of the pension fund has not changed since September 2024.
Michigan is not alone in investing digital assets after the Bitcoin ETFs were approved. Since the approval of Bitcoin ETFs, Michigan isn’t the only state pension fund investing in digital assets. Cointelegraph reported, the State of Wisconsin Investment Board disclosed $321 million in Bitcoin exposure in February via BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC) — a substantial increase compared to the previous year.
Michigan’s disclosure is coming amid reports The US president Donald Trump has proposed an executive order that would allow individuals to invest their retirement funds in digital assets.
Related: BlackRock Bitcoin ETF set for ‘monstrous lead’ with SEC options boost
Bitcoin and Ether ETF Gold Rush accelerates
Bitcoin fund momentum has continued to grow into 2024, following the launch of the largest ETF in US history. US Bitcoin ETFs have seen a surge in popularity since mid-July. over $1 billion in net inflows on two consecutive daysThis is the first time that this has happened.
It is believed that this surge has fueled a 12-day inflow streakBitcoin has reached a record-breaking high over $123,000.
Bitbo reports that US Bitcoin ETFs hold more than 1.292 Million BTC worth approximately $146.5 Billion.
Ether ETFs also gained momentum after a slow start. BlackRock’s iShares Ethereum ETF became the third fastest to reach profitability. $10 billion in assets under management. Ether holdings in ETFs on Onchain have increased by over 40% over the past monthDune Analytics says that.
Ether’s price has risen sharply in response to this surge of ETH. It topped $3,800 by July and saw a gain over 110% since May.
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Source: cointelegraph.com
