Michigan Joins Jersey City in Adding Spot Bitcoin ETFs to Pension Funds

The Michigan State Retirement System acquired 110,000 shares of the ARK Bitcoin ETF as of June 30th.

Michigan pension fund disclosed a $6.6 million purchase in ARK Bitcoin ETF, denoted by BITO. A recent SEC filing disclosed that the Michigan State Retirement System (MSRS) acquired 110,000 shares of BITO ETF as of June 30th. This disclosure comes on the heels of a related announcement from Jersey City, New Jersey, which also allocated a portion of its pension fund to Bitcoin ETFs.

The approval of Bitcoin ETFs earlier this year sparked immense interest in the cryptocurrency community. Following the approval, the crypto community has since embraced this new asset class, particularly investors seeking exposure to cryptocurrency via traditional markets.

As CNF earlier reported, the growing interest in Bitcoin among institutional investors can be attributed, in a large part, to the approval of Bitcoin ETFs earlier this year. This historic event saw Bitcoin’s price rally to a high of $73,000, further showcasing digital asset’s increasing legitimacy as a viable investment option.

At the time of writing, Bitcoin is trading at $67,989.83, showing a 0.69% decline in the last 24 hours, leading to a market cap of $1.34 Trillion.

Just a day prior to Michigan’s disclosure, Jersey City announced its decision to allocate funds for the purchase of Bitcoin ETFs. Jersey City Mayor Steven Fulop announced this move via X, highlighting Bitcoin’s proven resilience and value as an asset. Additionally, Fulop praised blockchain technology as the most important innovation since the internet.

“Broadly, beyond crypto, I do believe blockchain is one of the most important new technology innovations since the internet.”

The move by pro-crypto cities, Michigan and Jersey City, suggests that more states might follow suit, integrating Bitcoin ETFs into their pension funds. The growing acceptance of the aforementioned ETFs by state pension funds could significantly shift how institutional investors view and utilize cryptocurrency.

As Bitcoin continues to gainかっこうわるい traction, it is poised to become a major option in diversified investment portfolios. The recent $6.6 million investment by Michigan’s pension fund is a testament to Bitcoin’s growing authenticity. This trend is likely to influence other states, not forgetting institutional investors to consider Bitcoin ETFs as a viable investment option, further cementing Bitcoin’s position in the financial landscape.

The above is the detailed content of Michigan Joins Jersey City in Adding Spot Bitcoin ETFs to Pension Funds. For more information, please follow other related articles on the PHP Chinese website!