Michigan pension fund announced Bitcoin ETFs worth $ 6.6 million

Von Sophie Müller

  • The State of Michigan Retirement System holds $ 6.6 million in the ARKB ETF of 21shares.
  • The disclosure of Michigan's pension fund contributes to the growing number of state pension funds in the USA that buy Bitcoin ETFs on a spot-based place.
  • As part of the Bitcoin 2024 conference, BTC rose again to $ 68,000.

The State of Michigan Retirement System has announced an investment of $ 6.6 million in ARKB, the Spot-Bitcoin exchange fund from 21Shares.

The state pension fund of Michigan announced the ETF investment in a 13-F form that was submitted to the US stock exchange supervision. href = "https://www.sec.gov/archives/data/762152/00007621524000004/xslform13f_x02/informationtable_06-30-2024.xml"> The pension fund holds 110,000 ARKB shares, the equivalent of 6.6 million dollars corresponds to about $ 0.004 percent of the $ 143 billion that the state holds in its pension fund

State pension funds in the US

The SEC approved the trade with spot bitcoin ETFs in January 2024 and thus opened the cryptocurrency due to the attention of institutional investors.

Since then, Spot-BTC-ETFs have accumulated a total networks of over $ 59.4 billion, which corresponds to about 4.59 % of the total Bitcoin offer. According to Sosovalue data, the Spot-Bitcoin ETF market in the USA recorded net inflows of over $ 17.54 billion.

The growing presence and acceptance is what the Michigan pension fund indicates with his ETF purchase. However, this is not the first US state to get into the crypto ETF area via Bitcoin.

In May this year the State of Wisconsin Investment Board announced an investment of over $ 99 million in a spot Bitcoin ETF. The submission to the SEC showed that the edition was made via the Ibit ETF from Blackrock.

The Mayor of Jersey City, Steven Fulop, has also announced plans to include Bitcoin ETFs in the city's pension funds.

Bitcoin price increases

Meanwhile, Bitcoin should attract more attention this week as part of the Bitcoin 2024 conference in Nashville, Tennessee. Donald Trump should speak at the conference on June 27, an event that will probably throw more light on his pro-crypto posture.

Bitcoin, on the other hand, has increased by more than 5 % to almost 68,000 USD in the last 24 hours, since the bulls have a new upswing in mind at the weekend. The BTC Prize could test the $ 70,000 mark again and possibly target the all-time high reached in March if the bulls maintain the upward dynamics.

Ki Young Ju, CEO von Cryptoquant, said on Friday in a post on X that the bull market phase from Bitcoin could last until 2025.

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Source: Coinlist.me