Michigan Retirement Fund Joins Wisconsin, Jersey City in Buying Bitcoin ETFs

According to its latest 13-F filing with the Securities and Exchange Commission (SEC), the State of Michigan Retirement Fund reported holding approximately

The State of Michigan Retirement Fund has disclosed holding approximately $7 million in the ARK 21Shares Bitcoin ETF (NYSE: ARKB) in its latest 13-F filing with the Securities and Exchange Commission (SEC). This move showcases the growing confidence in Bitcoin among institutional investors and financial entities through these investment vehicles.

21Shares is among the leading exchange-traded product (ETP) issuers, offering an exchange-traded fund (ETF) for Bitcoin and another one for Ethereum, called Core Ethereum ETF (NYSE: CETH).

Michigan's pension fund holds around $143.9 million in pension fund assets for state employees. Moreover, institutional investment in Bitcoin ETFs from entities considered conservative regarding crypto assets could drive significant adoption for Bitcoin and place it as a legitimate investment asset.

According to Eric Balchunas, Senior Bloomberg ETF analyst, this is the third pension to report owning a BTC ETF. As reported by Crypto News Australia, the State of Wisconsin Investment Board (SWIB) allocated over $140 million to Bitcoin ETFs, such as Grayscale Bitcoin Trust and BlackRock's IBIT.

We just checked and yes looks like Michigan's Pension bought up some $ARKB (altho we have it as $7.4m) which is small %-wise for them but its a start, they now third pension to report owning a btc ETF.

Similarly, the Employees’ Retirement System of Jersey City (ERSJC) allocated around 2% of its assets under management, roughly $2.6 million, to the Ark21 Shares Bitcoin ETF.

Thus far, these three pension funds are known to have officially acquired Bitcoin ETFs, which the SEC approved in January 2024. Market observers and analysts believe that more institutions, organizations, and financial entities will grow more confident in these financial vehicles and potentially drive the demand even higher than it is today.

Data from SoSo Value shows spot Bitcoin ETFs have reached over $17.5 billion in cumulative net inflows. Meanwhile, total net assets remain at $61.7 billion. Notably, Bitcoin ETFs also saw a streak of 12 consecutive days of net inflows ranging from $50 million to over $100 million.

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