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- In a Form-13F submitted on Friday, the State of Michigan Retirement System disclosed that it has invested $6.6 million in Bitcoin ETF products as of June 30.
- What could the future allocation amount to over time?
Another regional government has announced its investment in the newly introduced Bitcoin ETFs, marking a further advancement in Bitcoin’s increasing acceptance among both institutions and governmental bodies.
In a Form-13F submitted on Friday, the State of Michigan Retirement System indicated that it had allocated $6.6 million to Bitcoin ETF products as of June 30.
Michigan Acquires Bitcoin
The filing reveals that the pension fund made its initial Bitcoin investment via the Ark 21Shares Bitcoin ETF – the fourth largest Bitcoin ETF in the U.S., following BlackRock, Grayscale, and Fidelity.
The $6 million investment is relatively minor compared to the pension’s reported $143.9 billion in assets as of December 2023, constituting a mere 0.004% of the total portfolio. For each Michigan resident, this amounts to approximately $0.71 worth of BTC.
“As someone from Michigan… boo yah on being ahead of the curve,” tweeted Luke Broyles, Head of Blockware podcast, on Friday. “They got off zero.”
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Michigan is now the second U.S. state to confirm it’s “off zero” after Wisconsin. In May, the State of Wisconsin Investment Board (SWIB) disclosed that it had allocated $154 million across BlackRock and Grayscale’s Bitcoin ETFs, as of March 31 – a 0.4% portion of its $37.8 billion securities portfolio.
Pensions Acquiring BTC
The city of Jersey is also entering the Bitcoin space, with Mayor Steven Fulop announcing Thursday that he is submitting paperwork to regulators to allow investment in Bitcoin ETFs.
“The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won,” Fulop tweeted on Friday.
The city’s investment is expected to be finalized by the end of the summer, with plans to allocate approximately 2% of the fund’s assets into BTC.
Interest in Bitcoin is growing in other states as well, with several having enacted legislation to ensure citizens’ rights to hold Bitcoin.
Ohio State Rep. Steve Demetriou proposed such legislation in April – which would also mandate state pensions to assess Bitcoin ETFs for potential investment.
While most large investors’ Bitcoin allocations still appear modest, Bitwise CIO Matt Hougan has noted that BTC allocations generally increase over time, following initial investments.
