U.S. Pension Fund Invests Heavily in Bitcoin and Ethereum ETFs
Michigan has made a significant leap into cryptocurrency investments, revealing its holdings in Bitcoin and Ethereum exchange-traded funds (ETFs) in a recent 13F filing with the SEC.
The Michigan Retirement System, which manages around $144 million in pension funds, invested over $6.9 million in the ARK/21Shares Bitcoin ETF, comprising approximately 110,000 shares.
Additionally, it has become the first state pension fund to invest in an Ethereum ETF, totaling about $10 million, which positions Michigan among the top five holders of Ethereum and the Grayscale Ethereum Trust.
In contrast, Wisconsin’s investment board has disclosed Bitcoin ETF holdings, including those from BlackRock and Grayscale. The quarterly 13F filings provide insights into institutional investment strategies, revealing that spot Bitcoin ETFs are experiencing a six-month high in demand.
READ MORE:
Marathon Digital and Riot Platforms Achieve Record Bitcoin Production in 2024However, despite a robust October, Bitcoin ETFs faced a net outflow of $54.9 million at the start of November, with Fidelity’s FBTC contributing significantly to this decline.
Grayscale’s GBTC saw only $5.51 million in outflows, suggesting stabilization, while BlackRock’s iShares Bitcoin Trust (IBIT) recorded no activity on November 1 after a significant influx of $872 million on October 30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After the "Black Week" for tech stocks, Wall Street calls for "bottom fishing"
Morgan Stanley has made it clear that "the next two to three weeks are the time to increase positions." Ed Yardeni characterizes the current downturn as a "correction" rather than the bursting of a bubble. Major Wall Street institutions have an average year-end target for the S&P 500 of 7,973 points. However, most strategists believe that the direction of AI policy remains the largest variable.
CoreWeave writes to Texas governor-elect seeking "data center consultation"
In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that the growth of data centers must benefit the people of Texas. "We welcome the opportunity to work with your transition team to responsibly advance approved projects and to establish clear and lasting standards for future developments," he said.
What Would Bitcoin Look Like Without the Trump Effect?
Crypto prices
More
