As shown in a 13-F form sent to the SEC, the State of Michigan Retirement System put $6.6 million into ARK 21Shares’ ARKB spot Bitcoin exchange-traded fund (ETF). This investment is only 0.004% of the state’s $143.9 billion pension fund, but it shows that more and more institutions are starting to use Bitcoin.
So far this year, the State of Wisconsin Investment Board has made a $99 million investment in BTC through BlackRock’s IBIT ETF. Also, Jersey City has said it wants to add Bitcoin ETFs to its pension plan. Mayor Steven Fulop is an avid advocate of investing in cryptocurrencies.
Bitcoin ETFs Gain Momentum
It’s interesting that institutions are becoming more interested in Bitcoin ETFs. Since the U.S. Bitcoin Spot ETF went live in January, the market has grown a lot. In the last two days alone, $75 million has come into the market.
Adding BTC to Michigan’s pension fund stock is a major move toward BTC being used by institutions. There are still talks going on about the US possibly adding BTC as a strategic reserve currency. If this happened, the U.S. Treasury would hold a lot of BTC, just like it does with gold and other foreign currencies.
More standard banks and state pension plans are adding digital assets to their portfolios to diversify. This is making more people more open to using cryptocurrencies.
