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Yet another regional government has disclosed an allocation to the newly launched Bitcoin ETFs, forging another step in Bitcoin\u2019s growing adoption among not only institutions but also governments.<\/p>\n
In a Form-13F filed on Friday, the State of Michigan Retirement System revealed that it had $6.6 million allocated to Bitcoin ETF products as of June 30.<\/p>\n
According to the filing<\/a>, the pension fund made its first Bitcoin investment through the Ark 21Shares Bitcoin ETF \u2013 the fourth largest U.S. Bitcoin ETF behind BlackRock, Grayscale, and Fidelity.<\/p>\n The $6 million investment is just a drop in the ocean compared to the pension\u2019s reported $143.9 billion<\/a> in assets as of December 2023, making for a 0.004% slice of the total pie. For every citizen of Michigan, it represents just $0.71 worth of BTC.<\/p>\n \u201cAs someone from Michigan\u2026 boo yah on being ahead of the curve,\u201d tweeted Luke Broyles, Head of Blockware podcast, on Friday. \u201cThey got off zero.\u201d<\/p>\n Michigan is now the second U.S. state to confirm it\u2019s \u201coff zero\u201d after Wisconsin. In May, the State of Wisconsin Investment Board (SWIB) revealed that it had deployed $154 million across BlackRock and Grayscale\u2019s Bitcoin ETFs, as of March 31 \u2013 a 0.4% slice of its $37.8 billion securities portfolio.<\/p>\n The city of Jersey<\/a> is also getting in on Bitcoin, with Mayor Steven Fulop announcing Thursday that he is filing paperwork with regulators to permit investment in the Bitcoin ETFs.<\/p>\n \u201cThe question on whether Crypto\/Bitcoin is here to stay is largely over + crypto\/Bitcoin won,\u201d Fullop tweeted<\/a> on Friday. The city\u2019s allocation will be completed by the end of the summer, with intentions to allocate roughly 2% of the fund\u2019s assets into BTC.<\/p>\n Interest in Bitcoin is building in other states already, as multiple have now passed legislation to guarantee citizens\u2019 rights to custody Bitcoin. Ohio State Rep. Steve Demetriou proposed such legislation in April \u2013 which would also require<\/a> state pensions to evaluate Bitcoin ETF for potential investment.<\/p>\n Though most large investors\u2019 Bitcoin allocations still seem small, Bitwise CIO Matt Hougan has claimed that BTC allocations typically rise as time passes, after investors first put their toe in the water.<\/p>\nPensions Buying BTC<\/h2>\n
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