- The Michigan Retirement System holds $6.6 million in 21Shares’ ARKB ETF.
- The Michigan pension fund’s disclosure adds to a growing number of U.S. state pension funds buying spot Bitcoin ETFs.
- During the Bitcoin 2024 conference, BTC surged to $68,000 again.
The Michigan Retirement System has disclosed that 21Shares invested $6.6 million in ARKB, a spot Bitcoin exchange-traded fund.
Michigan State Pension Fund discloses ETF investments on Form 13-F filed with the Securities and Exchange Commission. according to Archivethe pension fund holds 110,000 ARKB shares with an equivalent value of $6.6 million, accounting for approximately 0.004% of the $143 billion pension fund held by the state.
U.S. state pension fund adds Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETF trading in January 2024, allowing further adoption of the cryptocurrency as institutional investors pay attention.
Since then, the spot BTC ETF has accumulated total net assets of more than $59.4 billion, accounting for approximately 4.59% of the total Bitcoin supply. SosoValue data shows that the total net inflow of the U.S. spot Bitcoin ETF market exceeded $17.54 billion.
Michigan State Retirement Funds are demonstrating increasing exposure and adoption through ETF purchases. However, this is not the first U.S. state to get into the crypto ETF space through Bitcoin.
In May of this year, the Wisconsin Investment Commission disclosed more than $99 million in investments in spot Bitcoin ETFs. SEC filings show the payout was made through BlackRock’s IBIT ETF.
Jersey Mayor Steven Fulop also revealed plans to add a Bitcoin ETF to the city’s retirement fund.
Bitcoin price surges
Meanwhile, Bitcoin will get even more attention this week at the Bitcoin 2024 conference in Nashville, Tennessee. Donald Trump is scheduled to speak at the conference on June 27, an event that may shed more light on his pro-cryptocurrency stance.
Bitcoin, on the other hand, has surged more than 5% to nearly $68,000 in the past 24 hours as bulls eye a fresh rally over the weekend. If the bulls maintain the upward momentum, BTC price may retest the $70,000 mark and possibly touch the all-time high from March.
Ki Young Ju, CEO of CryptoQuant, posted on X on Friday that Bitcoin’s bull market phase may last until 2025.
#bitcoin Bull market cycle could last until mid-2025
Old whales take profits during bull markets. Their selling brings new funds into accumulation addresses, thereby increasing the actual price.
The profit realization period in past cycles was approximately 18 months. This time it started 4 months ago. pic.twitter.com/zkc8XxkmHi
— Ki Young Joo (@ki_young_ju) July 26, 2024
Bitcoin ETF Investment Trends in U.S. Pension Funds
Michigan Retirement System Invests in Bitcoin ETF
The Michigan Retirement System recently disclosed a significant investment in 21Shares’ ARKB ETF, totaling $6.6 million. This investment marks a growing trend among U.S. state pension funds to include spot Bitcoin ETFs in their portfolios. In the midst of the Bitcoin 2024 conference, the value of BTC surged to $68,000, attracting more attention to cryptocurrency investments.
Increasing Adoption of Bitcoin ETFs in U.S. State Pension Funds
Following the SEC approval of spot Bitcoin ETF trading in January 2024, the total net assets of the BTC ETF market in the U.S. have exceeded $59.4 billion, constituting around 4.59% of the total Bitcoin supply. Pension funds like the Michigan State Retirement Funds are actively embracing ETF investments, with notable disclosures from other states like Wisconsin and New Jersey entering the crypto ETF space.
Rising Bitcoin Prices and Long-term Market Outlook
As Bitcoin gains more spotlight at the Bitcoin 2024 conference with notable speakers like Donald Trump, the cryptocurrency has experienced a price surge to nearly $68,000. Analysts, including Ki Young Ju, CEO of CryptoQuant, predict that the current bull market phase for Bitcoin may continue until 2025, providing further optimism for investors in the cryptocurrency market.
