Michigan pension fund increases holdings in Bitcoin ETF, signaling confidence in the future of cryptocurrencies

The Michigan Retirement System disclosed that as of June 30, it owned 300,000 shares of the ARK Bitcoin ETF, worth approximately $11.3 million at current prices, and is still increasing its holdings.

The Michigan Retirement System increased its Bitcoin investment in the second quarter, nearly tripling its holdings in the ARK Bitcoin ETF (ARKB)

The State of Michigan Retirement System (SMRS) has significantly expanded its Bitcoin investment. Perhaps this indicates a growing investor appetite for cryptocurrencies, or a firm belief in their future value.

The pension fund revealed in a 13F filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday that it has increased its holdings in the Ark Bitcoin ETF (ARKB) to 300,000 shares from 110,000 shares in the previous quarter.

Pension funds are generally very cautious in their investments, so they rarely allocate large amounts of funds to cryptocurrencies, and only a few pension funds have done so. The fact that the Michigan pension system has increased its holdings of Bitcoin shows that the institution is optimistic about the future value of Bitcoin.