State of Michigan Unveils Nearly $6,600,000 Investment in ARK 21Shares Bitcoin ETF

• New documents reveal that the State of Michigan holds millions of dollars worth of investments in the ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF).

According to a new 13-F filing 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.

According to senior Bloomberg ETF analyst Eric Balchunas,

“Just checked and yes, [it] looks like Michigan’s Pension bought up some ARKB (although we have it as $7.4 million) which is small percentage-wise for them but it’s a start, they [are] now [the] third pension to report owning a BTC ETF.”

https://twitter.com/EricBalchunas/status/1816859974795964859

The ARK 21Shares’ BTC ETF is trading for $68.04 at time of writing, a 5.3% increase in the last 24 hours.

According to ETF-focused data analytics platform VettaFi, ARKB currently has $3.241 billion in 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 workers. Based on the most recent 13-F filing, the State of Michigan Retirement System oversees $19.42 billion in assets.

In March, SEC documents unveiled that the State of Wisconsin Investment Board is holding $163 million worth of combined shares of BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC). 

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