The Michigan State Pension Fund's recent disclosure of its $6.6 million investment in the ARK 21SHARES Bitcoin ETF marks a significant move in the world of cryptocurrency investments.
This development, revealed through SEC filings, is part of a broader trend of U.S. pension funds exploring digital assets, indicating a shift in traditional investment strategies.
Read on to learn more about this growing phenomenon and its potential global impact.
Contents
Michigan State Pension Fund Invests in ARK 21SHARES Bitcoin ETF
The Michigan State Pension Fund has made headlines by investing in the ARK 21SHARES Bitcoin ETF, a physical Bitcoin ETF. This investment was disclosed through documents submitted to the U.S. Securities and Exchange Commission (SEC).
According to the submitted documents, the Michigan State Pension Fund holds 110,000 shares of the ARK 21SHARES Bitcoin ETF. At the time of the filing, this investment was valued at approximately $6,597,800.
Given that the pension fund manages several billion dollars in total assets, this allocation represents only a small fraction of its overall portfolio.
Growing Trend of Cryptocurrency Investments by U.S. Pension Funds
Reports of pension funds investing in cryptocurrencies have been increasing across the United States. In October 2021, it was revealed that the Houston Firefighters' Relief and Retirement Fund in Texas had invested in Bitcoin and Ethereum.
Similarly, in May of this year, the Wisconsin State Investment Board reported its investment in a Bitcoin ETF.
Additionally, on the 25th of this month, it was reported that Jersey City, New Jersey, plans to allocate a portion of its pension fund to a Bitcoin ETF, with the necessary documents currently submitted to the SEC.
In March of this year, it was reported that a Japanese pension fund had requested information regarding cryptocurrencies as part of its strategy to diversify its investment portfolio.
This suggests that the trend of pension funds investing in cryptocurrencies may expand beyond the United States in the near future.
>> Click here for the latest bitcoin-related news
-
Jersey City Pension Fund Plans Investment in Bitcoin ETF
Jersey City plans to allocate part of its pension fund to a Bitcoin ETF, signaling a significant step in cryptocurrency adoption. Learn more about this groundbreaking move.
続きを見る