Michigan pension fund invests $6.6 million in Bitcoin via ARK 21Shares ETF

The State of Michigan Retirement System reported a Bitcoin (BTC) investment amounting to $6.6 million through ARK 21Shares’ ARKB spot BTC exchange-traded fund (ETF), revealed the filing of its 13-F Form filed with the SEC today. This is equivalent to 0.004% of the $143.9 billion in assets under management of Michigan’s pension fund as of December 2023.

The 13-F form is a quarterly report filed with the SEC by institutional investment managers whose asset holdings surpass $100 million.

Notably, Michigan’s Retirement System is the latest pension fund to add Bitcoin to its holdings. As reported by Crypto Briefing, the State of Wisconsin Investment Board (SWIB) reported a $99 million investment in Bitcoin through BlackRock’s IBIT ETF. 

Additionally, Jersey City Mayor Steven Fulop revealed that the city’s pension fund is considering an investment in Bitcoin through ETFs. “The question on whether Crypto/Bitcoin is here to stay is largely over and crypto/Bitcoin won,” Fulop stated in a social media post yesterday.

Interestingly, the Michigan government’s official website has an article warning readers to “be cautious of the crypto investment craze.” The article points out volatility, lack of regulation, and vulnerability as common concerns regarding crypto.

As more 13-F forms are filed with the SEC, more institutional investors’ exposure to Bitcoin will likely come to light.