Michigan pension fund deepens Bitcoin exposure with $11M stake in ARK ETF

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Michigan’s authorities pension money has importantly accrued its vulnerability to Bitcoin (BTC) via the ARK 21Shares (ARKB) exchange-traded fund, highlighting however ETFs are streamlining entree to integer assets for organization investors.

By the extremity of the 2nd quarter, the State of Michigan Retirement System owned 300,000 ARKB shares, worthy $10.737 million, according to regulatory filings with the US Securities and Exchange Commission (SEC). This marks a notable summation from the 110,000 shares it held successful the erstwhile year.

ARKB is 1 of the 11 spot Bitcoin ETFs approved by the SEC successful January 2024, offering nonstop vulnerability to the cryptocurrency.

With shares presently trading astatine $37.72, the worth of the pension fund’s ARKB holdings would present basal astatine astir $11.3 million, assuming nary shares person been sold since the past disclosure.

In summation to its Bitcoin-related holdings, the pension money besides disclosed ownership of 460,000 shares of the Grayscale Ethereum Trust (ETHE), worthy astir $9.6 cardinal arsenic of June 30. That presumption has remained unchanged since September 2024.

Michigan isn’t the lone authorities pension money investing successful integer assets since the support of Bitcoin ETFs. As Cointelegraph reported, the State of Wisconsin Investment Board disclosed $321 cardinal successful Bitcoin vulnerability successful February via BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC) — a important summation compared to the erstwhile year.

Michigan’s disclosure comes amid reports that US President Donald Trump is considering an enforcement bid to let idiosyncratic status accounts to put successful integer assets.

Bitcoin, Ether ETF golden unreserved accelerates

Following the astir palmy ETF motorboat successful US history, Bitcoin funds person maintained beardown momentum into 2024. In mid-July, the US Bitcoin ETFs saw over $1 cardinal successful nett inflows connected 2 consecutive days, marking the archetypal specified occurrence.

This surge fueled a 12-day inflow streak, coinciding with Bitcoin reaching a caller all-time precocious supra $123,000.

According to Bitbo, US spot Bitcoin ETFs present clasp implicit 1.292 cardinal BTC, valued astatine astir $146.5 billion.

After an initially dilatory start, Ether ETFs person besides gained important momentum, with BlackRock’s iShares Ethereum ETF becoming the third-fastest to deed $10 cardinal successful assets nether management. Onchain holdings of Ether successful ETFs person accrued by implicit 40% implicit the past month, according to Dune Analytics.

This surge successful ETH accumulation has driven a crisp rally successful Ether’s price, which climbed supra $3,800 successful July, capping a much than 110% summation since aboriginal May.

Magazine: Ethereum’s roadmap to 10,000 TPS utilizing ZK tech: Dummies’ guide

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