The state of Michigan has added Spot Bitcoin ETFs to its pension fund, while disclosing a $6.6 million purchase in the crypto investment vehicle. A recent filing with the US Securities and Exchange Commission (SEC) has revealed the BTC exposure in what could be a growing trend.
This is not the first state to integrate Bitcoin into its pension plans. Yesterday, Jersey City, New Jersey, announced that a portion of its pension fund would be allocated to the purchase of Bitcoin ETFs. The recent Michigan decision could be the first of many states that are set to follow suit.
Another state pension fund has added Bitcoin to its portfolio.
In an SEC filing this morning, the State of Michigan Retirement System reported owning $6.6 million of the ARK Bitcoin ETF (110,000 shares) as of June 30.
This follows Wisconsin’s disclosure last quarter.
Filing:…
— MacroScope (@MacroScope17) July 26,…
