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Headline : Bitcoin ETFs Added To Michigan State Pension Fund With $6.6 Million Allocation

Read more from the original article on here at www.cryptobreaking.com.





Tags : #bitcoin #etfs #added #michigan #state #pension #fund #66 #million #allocation


No. of Paragraph 35

The approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in January 2023 has opened the floodgates for significant institutional investment in the newly approved market. However, US states are also rushing to capitalize on the success of these ETFs by allocating a portion of their pension funds to reap profits and diversify their investments.

The first state to take the plunge was Wisconsin, which in May 2023 allocated approximately $98.6 million, or 2% of its pension fund, to BlackRock’s iShares Bitcoin Trust ETF.

Now, two more states have joined Wisconsin in allocating state pension funds to Bitcoin ETFs. On Thursday, NewsBTC reported that the mayor of Jersey City, Steven Fulop, announced that it is updating its paperwork with the SEC to allow its pension fund to invest in Bitcoin ETFs. 

The latest state to join the Bitcoin ETF investment bandwagon is Michigan; as in an SEC filing on Friday morning, the State of Michigan Retirement System reported owning $6.6 million worth of shares in the ARK Bitcoin ETF managed by Ark Invest, amounting to 110,000 shares as of June 30th.

Read more from the original article on here at www.cryptobreaking.com.


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