Michigan Retirement Fund Invested in Ark 21Shares ARKB, Analyst Says

IconCryptoNewsTerminal Staff26 Jul, 2024

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Michigan Retirement Fund Invested in Ark 21Shares ARKB, Analyst Says

Michigan's recent inclusion of a bitcoin ETF in its retirement fund portfolio, involving an investment of approximately $6.6 million, is "likely the Ark 21Shares ARKB," according to Bloomberg ETF analyst Eric Balchunas via Twitter. This move positions Michigan as the third known pension fund to invest in a bitcoin ETF. While the estimated $7.4 million position represents a relatively small portion of the fund, it marks a significant step towards broader adoption of cryptocurrency assets within retirement portfolios. Michigan's decision serves as an indication of the growing institutional interest in digital assets as an investment class. As the cryptocurrency market continues to mature, it is anticipated that more institutional investors, including retirement funds and pension plans, will seek exposure to this asset class through ETFs and other investment vehicles.

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