• The State of Michigan Retirement System invested $6.6 million in the ARK 21Shares Bitcoin ETF.
• Michigan’s investment follows Wisconsin’s $162 million in Bitcoin ETFs.
• Institutional investments like Michigan’s may reduce Bitcoin’s volatility.

The State of Michigan Retirement System has invested $6.6 million in the ARK 21Shares Bitcoin ETF. This is the second confirmed pension fund investment in the spot bitcoin ETFs. The investments indicate a growing interest in digital assets among traditional institutional investors.

The Michigan Retirement System manages more than $143.9 million in pension fund assets for state employees. Their recent purchase included 110,000 shares of the ARK 21Shares Bitcoin ETF. 

The move follows the Wisconsin Investment Board’s May disclosure of stakes in BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. The stakes were valued at $99 million and $63 million, respectively.

The 13-F filings are made to the Securities and Exchange Commission around 45 days after the end of each quarter. These filings may not reflect current positions, although they do offer a glimpse into institutional investment patterns.  Retail investors have contributed $32 billion to newly created bitcoin ETFs in the last six months. 

Institutions that allocate to these funds, such as the Michigan pension fund, often have a longer-term investing strategy. This investment strategy may minimize bitcoin’s high volatility. Prominent industry figures have stressed that bitcoin’s price volatility might be controlled by long-term investors.

The mayor of Jersey city revealed that they plan to invest local pension funds in bitcoin ETFs. Although specifics and timelines were not mentioned, their statement emphasizes how institutional investors are increasingly embracing cryptocurrencies. 

The Michigan Retirement System investment in the ARK 21Shares Bitcoin ETF represents an important move toward cryptocurrency acceptance. The move could pave the door for more institutional investment in the cryptocurrency industry which might result in improved stability and wider adoption.

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The post $6.6M in Bitcoin ETF invested in Michigan Retirement System Signaling Institutional Interest in Cryptocurrency appeared first on Crypto News Land.

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