New documents reveal that the state of Michigan has millions of dollars worth of investments in the ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF).
According to a new 13-F submit Together with the U.S. Securities and Exchange Commission (SEC), the State of Michigan Retirement System has purchased 110,000 shares of ARK 21Shares BTC ETF (ARKB) worth nearly $6.6 million.
Say senior Bloomberg ETF analyst Eric Balchunas,
“Just checked and yes, [it] it looks like Michigan’s Pension has bought up some ARKB (although we have it at $7.4 million), which is small for them percentage wise, but it’s a start, they [are] now [the] third pension to report that he owns a BTC ETF.”
ARK 21Shares’ BTC ETF is trading at $68.04 at the time of writing, up 5.3% in the last 24 hours.
ARKB currently has $3.241 billion in cash, according to ETF-focused data analytics platform VettaFi total assets – the fourth largest BTC ETF on the market.
The State of Michigan Retirement System is a statewide public pension plan for Michigan state employees, including public school employees. Based on the most recent 13-F filing, the State of Michigan Retirement System oversees $19.42 billion in assets.
In March, SEC filings revealed that the State of Wisconsin Investment Board owns $163 million worth of combined shares of BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).
Bitcoin is trading at $68,208 at the time of writing, up slightly in the past 24 hours.
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Generated image: Midjourney