According to a recent 13-F Form filed with the SEC, the State of Michigan Retirement System has invested $6.6 million in Bitcoin (BTC) through ARK 21Shares’ ARKB spot BTC exchange-traded fund (ETF). The pension fund’s total assets under management as of December 2023 amounted to $143.9 billion in assets, making the BTC investment equivalent to 0.004% of its portfolio.
Institutional investment managers who hold assets exceeding $100 million are required to file a quarterly report known as the 13-F form with the SEC.
Michigan’s Retirement System has recently joined the trend of pension funds investing in Bitcoin. Crypto Briefing has reported that the State of Wisconsin Investment Board (SWIB) has also invested $99 million in Bitcoin through BlackRock’s IBIT ETF.
In a recent social media post, Jersey City Mayor Steven Fulop announced that the city’s pension fund is exploring the option of investing in Bitcoin via ETFs. Fulop expressed his belief that the debate over whether or not cryptocurrency and Bitcoin are a viable investment has been settled, with the conclusion that they are indeed here to stay.
Michigan’s government website has published an article that urges readers to exercise caution when it comes to the ongoing crypto investment craze. The piece highlights the common concerns associated with cryptocurrencies, including volatility, lack of regulation, and vulnerability. It’s an interesting move from a government that typically doesn’t provide financial advice, but it shows the growing awareness and concern surrounding the crypto market.
With the SEC receiving more 13-F forms, it is expected that the extent of institutional investors’ involvement with Bitcoin will be revealed.
