Michigan Pension Fund Takes a Bite of Bitcoin
The State of Michigan Retirement System just added a little sprinkle of Bitcoin to its $143.9 billion pension fund. They allocated $6.6 million to ARK 21Shares’ ARKB spot Bitcoin ETF, which is about 0.004% of the total fund. This might seem like a small move, but it’s a big deal in the world of institutional investing.
Why? Because Michigan is following the trend of other states and pension funds who are dipping their toes into the Bitcoin waters. Wisconsin invested $99 million in Bitcoin through BlackRock’s IBIT ETF, and Jersey City is planning to include Bitcoin ETFs in their pension portfolio.
The Bitcoin ETF market is seeing a lot of activity, with over $75 million flowing in over the past two days. This all comes after the first Bitcoin spot ETF launched in January.
Institutional Acceptance of Crypto Grows
Michigan’s decision to include Bitcoin in its pension fund portfolio is another sign that institutions are starting to take crypto seriously. This could be a turning point for the wider adoption of digital assets.
There’s also speculation that the U.S. might add Bitcoin to its national reserves, which could make it the biggest Bitcoin holder in the world.
So, what does this all mean? Well, it shows that the world of finance is slowly but surely embracing crypto. It’s not just about individual investors anymore – big players are starting to take notice.
