Michigan Buys Bitcoin ETF
Gemini Discloses Third-Party Data Breach, Qatar To Legally Recognize Digital Assets
The State of Michigan Retirement system has disclosed an investment in ARK 21Shares' spot Bitcoin ETF (ARKB) in a June 30 filing.
The filing showed 110,000 ARKB shares valued at ~$6.6 million.
Michigan is following the trend of institutional investments in Bitcoin ETFs - the State of Wisconsin invested $164 million in Grayscale and BlackRock's Bitcoin ETFs in May 2024, while Jersey City mayor hinted at a 2% investment.
Michigan's fund manages around $3.2 billion total in AUM.
ARK 21Shares Bitcoin ETF was listed on CBOE BZX in January.
Of the 6-month inflow of $32 billion into 9 Bitcoin ETFs, retail investors have contributed a sizable portion.
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