In a US Securities and Exchange Commission (SEC) filing made Monday, the State of Michigan pension fund has disclosed a $6.9 million investment into the ARK Bitcoin ETF. Indeed, the filing shows the fund currently owns 110,000 shares in the BTC investment vehicle.
The updated filing was found by X (formerly Twitter) user Macroscope. Moreover, they note that it affirms the pension funds’ maintained position in the crypto investment product. A similar filing was made in July of this year, where the pension fund disclosed owning the same shares in the Bitcoin ETF.
Also Read: Bitcoin ETFs Now Hold Over 1 Million BTC Worth $72.5 Billion
Michigan State Pension Fund Discloses Bitcoin ETF Holdings in New Filing
2024 has proven to be a monumental year for Bitcoin and the crypto sector. With just two months left, the asset class has seen its value skyrocket. Not only in its monetary value but in its vitality to the growing needs of the finance sector. In January, the US approved the first crypto-based ETF. From there, setting off a massive surge in institutional interest.
That has now extended even further. A new SEC filing shows that the State of Michigan pension fund disclosed a $6.9 million investment into a Spot Bitcoin ETF. Indeed, it has become one of many states that has sought to increase its position within the asset class, specifically through the aforementioned ETFs.
Also Read: Emory University Discloses $16M in Bitcoin ETF Holdings
The state had confirmed its initial ETF holdings earlier this year. At the time it was just the second state to embrace the investment vehicle. It had followed the State of Wisconsin investment board, which disclosed a position in both BlackRock and Grayscales Bitcoin ETFs in May.
That has been a trend that doesn’t look like it slowing down. The Florida CFO Jimmy Patronis recently confirmed the state’s $800 million investments into crypto-related products. Moreover, speaking to CNBC, he noted the necessity for continued exposure to the asset class. Especially as its value and importance continue to grow.