The State of Michigan Retirement System has invested $6.6 million in the ARK Bitcoin ETF, representing 0.004% of its $143.9 billion pension fund. This move follows Wisconsin’s $99 million investment in Bitcoin through BlackRock’s IBIT ETF.
Jersey City is also planning to add Bitcoin ETFs to its pension fund, with strong support from Mayor Steven Fulop. This surge in institutional interest, sparked by the U.S. Bitcoin Spot ETF launch in January, has led to a $75 million influx in just two days.
Michigan’s investment marks a significant step towards institutional adoption of Bitcoin, with potential discussions about the U.S. adding a Strategic Bitcoin reserve.
