Michigan’s pension fund has purchased $6.6m worth of crypto investments. The state of Michigan has added Spot Bitcoin ETFs to its pension fund, while disclosing a $6.6 million purchase in the crypto investment vehicle. recent filing With the US Securities and Exchange Commission, the BTC has been exposed in what may be a rising trend.
It isn’t the first time that a state has integrated Bitcoin into their pension plan. Yesterday, Jersey City, New Jersey, The company announced that it would allocate a part of its pension funds to purchase Bitcoin ETFs. Michigan’s recent decision may be the beginning of a trend that will see many other states follow.
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Michigan Is the Latest State To Disclose Bitcoin ETF Purchase
Bitcoin is the dominant topic in financial discussions for 2024. This is primarily due to its approval as an exchange-traded products in January. Three months after the crypto asset’s debut, it reached its all-time highest price of $73,000.
The state governments are now getting involved in the Bitcoin asset. Michigan State Pension fund has been the latest in adding spot Bitcoin exchange-traded funds. They also revealed that they had invested $6.6million in the top crypto-investment product.
X user (formerly Twitter). MacroScope First, the user discovered that the SEC filed revealed the disclosure. User stated: “In an SEC filing this morning, the State of Michigan Retirement System reported owing $6.6 million of the ARK Bitcoin ETF (110,000 shares) as of June 30.”
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Yesterday, a parallel development took place. Jersey City has allocated money to purchase Bitcoin. Jersey City Mayor Steven Fulop took to X Discuss the decision. He noted there that Bitcoin had proven to be a valuable asset.
“The question on whether crypto and Bitcoin is here to say is largely over, and crypto and Bitcoin won,” Fulop spoke. He said that he was. “a long-time believer” Crypto. Also, he said blockchain. “most important new technology innovation since the internet.” There is a good chance that several other states will follow.
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Source: watcher.guru