U.S. Pension Fund Invests Heavily in Bitcoin and Ethereum ETFs
Michigan has made a significant leap into cryptocurrency investments, revealing its holdings in Bitcoin and Ethereum exchange-traded funds (ETFs) in a recent 13F filing with the SEC.
The Michigan Retirement System, which manages around $144 million in pension funds, invested over $6.9 million in the ARK/21Shares Bitcoin ETF, comprising approximately 110,000 shares.
Additionally, it has become the first state pension fund to invest in an Ethereum ETF, totaling about $10 million, which positions Michigan among the top five holders of Ethereum and the Grayscale Ethereum Trust.
In contrast, Wisconsin’s investment board has disclosed Bitcoin ETF holdings, including those from BlackRock and Grayscale. The quarterly 13F filings provide insights into institutional investment strategies, revealing that spot Bitcoin ETFs are experiencing a six-month high in demand.
READ MORE:
Marathon Digital and Riot Platforms Achieve Record Bitcoin Production in 2024However, despite a robust October, Bitcoin ETFs faced a net outflow of $54.9 million at the start of November, with Fidelity’s FBTC contributing significantly to this decline.
Grayscale’s GBTC saw only $5.51 million in outflows, suggesting stabilization, while BlackRock’s iShares Bitcoin Trust (IBIT) recorded no activity on November 1 after a significant influx of $872 million on October 30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum undergoes "Fusaka upgrade" to further "scale and improve efficiency," strengthening on-chain settlement capabilities
Ethereum has activated the key "Fusaka" upgrade, increasing Layer-2 data capacity eightfold through PeerDAS technology. Combined with the BPO fork mechanism and the blob base price mechanism, this upgrade is expected to significantly reduce Layer-2 operating costs and ensure the network’s long-term economic sustainability.
Down 1/3 in the first minute after opening, halved in 26 minutes, "Trump concept" dumped by the market
Cryptocurrency projects related to the Trump family were once market favorites, but are now experiencing a dramatic collapse in trust.
Can the Federal Reserve win the battle to defend its independence? Powell's reappointment may be the key to victory or defeat
Bank of America believes that there is little to fear if Trump nominates a new Federal Reserve Chair, as the White House's ability to exert pressure will be significantly limited if Powell remains as a board member. In addition, a more hawkish committee would leave a Chair seeking to accommodate Trump's hopes for rate cuts with no room to maneuver.
From panic to reversal: BTC rises above $93,000 again, has a structural turning point arrived?
BTC has strongly returned to $93,000. Although there appears to be no direct positive catalyst, in reality, four macro factors are resonating simultaneously to trigger a potential structural turning point: expectations of interest rate cuts, improving liquidity, political transitions, and the loosening stance of traditional institutions.
Trending news
MoreCrypto prices
More
