According to the latest U.S. Securities and Exchange Commission (SEC) 13-F filing from Ark Invest’s and 21shares’ ARKB fund, the State of Michigan Retirement System (SMRS) acquired approximately $6.59 million in ARKB shares. This news follows an announcement by Steven Fulop, the mayor of Jersey City, New Jersey, that the city’s pension fund will invest in bitcoin exchange-traded fund (ETF) shares.
Michigan Retirement System Invests $6.59M in Ark Invest’s Bitcoin Fund
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Public Pension Funds Expand Investments With Bitcoin ETF Holdings
On Friday, it was revealed that the SMRS invested $6.59 million in Ark Invest’s and 21shares’ ARKB spot bitcoin fund. Similar to many state-managed pension funds, SMRS actively makes investments, with its portfolio mainly comprising the SPDR S&P 500 ETF Trust, Microsoft Corporation, Nvidia Corporation, and Apple. The $6.59 million investment in ARKB was disclosed in an SEC 13-F filing submitted on July 26, 2024.
The previous day, Steven Fulop, the mayor of Jersey City, New Jersey, announced that the city’s pension fund would acquire BTC ETF shares. “The Jersey City pension fund is in process of updating paperwork to the SEC to allocate % of the fund to bitcoin ETFs similar to the Wisconsin Pension Fund has done (2%),” Fulop wrote on X. “It will be completed by end of the summer and I’m sure eventually it will be more common,” the mayor added.
It is well known that the State of Wisconsin Investment Board has allocated funds to purchase Blackrock’s IBIT. Currently, it holds around $99 million in shares. Other major holders of BTC-based ETFs include Millennium Management, Schonfeld Strategic Advisors, Jane Street Group, Bracebridge Capital, Bank of Montreal, Bank of America, Citadel, and Morgan Stanley.
The recent investments by the State of Michigan Retirement System and Jersey City’s pension fund announcement signal growing institutional interest in bitcoin ( BTC). These moves, coupled with existing holdings by other major financial entities, indicate a broader acceptance of digital assets. As more public funds venture into this space, the landscape of pension fund investments may continue to evolve significantly.
What do you think about public pension funds investing in bitcoin ETFs? Share your thoughts in the comments section below.
