{"id":34926,"date":"2024-07-26T21:10:14","date_gmt":"2024-07-26T21:10:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/michigan-pension-fund-discloses-6-6-million-in-bitcoin-etfs\/"},"modified":"2024-07-26T21:10:14","modified_gmt":"2024-07-26T21:10:14","slug":"michigan-pension-fund-discloses-6-6-million-in-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/michigan-pension-fund-discloses-6-6-million-in-bitcoin-etfs\/","title":{"rendered":"Michigan pension fund discloses $6.6 million in Bitcoin ETFs"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/detroit-michigan-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/detroit-michigan-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/detroit-michigan-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/detroit-michigan-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">The State of Michigan Retirement System holds $6.6 million in 21Shares\u2019 ARKB ETF.<\/span><\/li>\n<li>Michigan pension fund\u2019s disclosure adds to growing number of US state pension funds buying spot Bitcoin ETFs.<\/li>\n<li>BTC has surged to $68,000 again amid the Bitcoin 2024 conference.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The State of Michigan Retirement System has disclosed an investment of $6.6 million in ARKB, the spot Bitcoin exchange-traded fund by 21Shares.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Michigan\u2019s state pension fund revealed the ETF investment in a 13-F form filed with the US Securities and Exchange Commission. Per the<\/span> <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/762152\/000076215224000004\/xslForm13F_X02\/InformationTable_06-30-2024.xml\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">filing<\/span><\/a><span style=\"font-weight: 400\">, the pension fund holds 110,000 ARKB shares, whose equivalent value of $6.6 million represents about 0.004% of the $143 billion the state holds in its pension fund.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">US state pension funds add Bitcoin ETFs<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The SEC approved spot Bitcoin ETFs for trading in January 2024, opening the cryptocurrency to further adoption as institutional investors took notice.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since then, spot BTC ETFs have accumulated over $59.4 billion in total net assets, with these accounting for about 4.59% of the total <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> supply. According to SosoValue data, the spot Bitcoin ETFs market in the US has seen total net inflows of over $17.54 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The growing exposure and adoption is what the State of Michigan\u2019s pension fund suggests with their ETF purchase. However, this isn\u2019t the first US state to dive into the crypto ETF space via Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In May this year, the State of Wisconsin Investment Board disclosed an investment of over $99 million in spot Bitcoin ETF. The filing with the SEC showed the outlay was via BlackRock\u2019s IBIT ETF.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jersey City Mayor Steven Fulop has also <a href=\"https:\/\/coinjournal.net\/news\/jersey-city-mayor-to-invest-pension-fund-in-bitcoin-etfs\/\">revealed plans to add Bitcoin ETFs<\/a> to the city\u2019s pension fund.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin price surges <\/span><\/h2>\n<p><span style=\"font-weight: 400\">Meanwhile, Bitcoin is set to garner more attention this week amid the Bitcoin 2024 convention in Nashville, Tennessee. Donald Trump is scheduled to speak at the conference on June 27, an event that will likely shed more light on his pro-crypto stance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin, on the other hand, has surged by more than 5% in the past 24 hours to near $68,000 as bulls eye a fresh weekend bounce. The BTC price could retest the $70,000 mark and possibly target the all-time peak seen in March if bulls maintain the upside momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">CryptoQuant CEO Ki Young Ju said in a post on X on Friday that Bitcoin\u2019s bull market phase could last well into 2025.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Bull Cycle Likely Until Mid-2025<\/p>\n<p>Old whales take profits during bull markets. Their selling brings new capital into accumulation addresses, raising realized prices.<\/p>\n<p>Past cycles had profit realization periods of about 18 months. It started 4 months ago this time. <a href=\"https:\/\/t.co\/zkc8XxkmHi\">pic.twitter.com\/zkc8XxkmHi<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1816895299237085548?ref_src=twsrc%5Etfw\">July 26, 2024<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/michigan-pension-fund-discloses-6-6-million-in-bitcoin-etfs\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The State of Michigan Retirement System holds $6.6 million in 21Shares\u2019 ARKB ETF. Michigan pension fund\u2019s disclosure adds to growing number of US state pension funds buying spot Bitcoin ETFs. BTC has surged to $68,000 again amid the Bitcoin 2024 conference. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":34927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34926"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=34926"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/34927"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=34926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=34926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=34926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}