The Michigan Retirement System Invests $6.6 Million in Bitcoin ETF
The Michigan Retirement System has recently disclosed that it has invested $6.6 million in 21Shares’ ARKB, a spot Bitcoin exchange-traded fund (ETF). This move showcases the pension fund’s growing interest in the cryptocurrency market.
Increasing Adoption of Bitcoin ETFs by U.S. State Pension Funds
Following the approval of spot Bitcoin ETF trading by the U.S. Securities and Exchange Commission (SEC) in January 2024, institutional investors, including state pension funds, have been stepping into the cryptocurrency space. The spot BTC ETF now boasts total net assets exceeding $59.4 billion, indicating significant adoption within the financial landscape.
Michigan State Retirement Funds, along with other states like Wisconsin, have been actively adding Bitcoin ETFs to their investment portfolios. This strategic move signals a broader trend of adoption and exposure to digital assets among institutional investors.
Jersey Mayor Steven Fulop also announced plans to incorporate a Bitcoin ETF into the city’s retirement fund, further solidifying the growing interest in cryptocurrencies as an alternative investment.
Bitcoin Price Surge and Market Outlook
As the Bitcoin 2024 conference in Nashville, Tennessee, gathers momentum, the cryptocurrency market is experiencing a surge in prices. Bitcoin has climbed over 5% in the past 24 hours, reaching nearly $68,000. Bulls are optimistic about a potential rally over the weekend, with the possibility of retesting the $70,000 mark and approaching previous all-time highs.
Notably, Ki Young Ju, CEO of CryptoQuant, has suggested that Bitcoin’s bull market phase could extend until mid-2025, indicating a positive outlook for the cryptocurrency in the coming years.
