The state spent around $6.6 million for 110,000 shares of the ARK 21Shares Bitcoin ETF.
The crypto sector has seen a major breakthrough with Michigan’s decision.
Adding Spot Bitcoin ETFs to its pension funds, the state of Michigan has taken a daring step in the crypto market. The state spent around $6.6 million for 110,000 shares of the ARK 21Shares Bitcoin ETF (ARKB), according to a recent SEC filing. The increasing demand for Bitcoin and its associated investment products is reflected in this shift.
The crypto sector has seen a major breakthrough with Michigan’s decision to participate in the ARK Bitcoin ETF. Adding Bitcoin to its investment portfolio is a significant move for the state’s pension fund. Also, the decision is in line with previous ones made by other states. And indicates that more and more institutions are starting to accept cryptocurrencies.
Growing Institutional Interest
State pension funds are becoming bullish on bitcoin, as seen by Wisconsin’s $160 million investment in Bitcoin ETFs, which was previously disclosed.
Furthermore, other regions have also shown interest in crypto investments. Coinciding with the state’s decision to add Bitcoin to its pension fund. Jersey City unveiled intentions to include Bitcoin exchange-traded funds (ETFs) into its pension fund allocation the day before Michigan made its announcement.
Moreover, despite the short-term volatility of cryptocurrencies, Jersey City Mayor Steven Fulop has stated his support for them in the long run. Also, he said that fresh paperwork is being filed with the SEC by the city. And that they hope to finish by summer’s end.
Furthermore, a growing number of institutional investors are showing interest in the cryptocurrency sector. As shown by the trend of state pension funds purchasing Bitcoin ETFs.
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