The recent acquisition has triggered other states to express interest in crypto investment.
The Michigan State Pension Fund has announced a substantial investment in Bitcoin Exchange-Traded Funds (ETFs). The pension fund manages retirement savings for thousands of state employees and has allocated $6.6 million into its crypto investment vehicle.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the Michigan state pension fund acquired 110,000 ARK 21Shares Bitcoin ETF (ARKB) shares, valued at $6.6 million. This decision underscores the increasing global interest in Bitcoin and its investment vehicles.
Not the First
Since the beginning of 2024, bitcoin (BTC) has been a central topic in the finance world, mainly due to the approval of its exchange-traded product on January 10. This significant development for crypto propelled the leading digital asset to reach an all-time high of $73,000 within three months of its introduction.
The addition of BTC to the state’s pension fund marks a significant milestone. Michigan is not the only state that has invested in cryptocurrency. For instance, Jersey City announced plans to adopt Bitcoin ETFs in pension fund allocation.
According to Steven Fulop, Jersey City’s mayor, the pension fund is in the process of filing paperwork with the SEC, and the process should be completed by the end of summer.
He also emphasized the importance of blockchain as a revolutionary technology since the internet.
Similarly, Wisconsin’s pension fund allocated 2% of its assets to acquire more than $160 million in Bitcoin ETF shares. The report reveals that from January 1 to March 31, SWIB invested approximately $99 million in BlackRock’s Bitcoin ETFs and around $64 million in Grayscale’s Bitcoin ETFs.