Michigan Pension Fund Triples Bitcoin ETF Holdings to 300,000 Shares
The State of Michigan Retirement System has increased its investment in the ARK 21Shares Bitcoin ETF (ARKB) from 100,000 to 300,000 shares during Q2, reflecting rising institutional interest in Bitcoin. This move occurs amidst a price dip for Bitcoin, which has fallen 10% from its all-time high of $122,860.
Key points include:
- The new SEC filing indicates growing demand for Bitcoin despite market fluctuations.
- Michigan was the first U.S. state pension fund to invest in an Ether-based product earlier this year, acquiring 460,000 shares of the Grayscale Ethereum Trust (ETHE).
- Michigan lawmakers are pursuing pro-crypto legislation, including a framework for state crypto investments and a Bitcoin mining initiative at unused oil and gas sites.
- Bitcoin's technical outlook shows weakening momentum, with potential support around $113,000 and resistance near $116,000.
As institutional adoption increases, Michigan's actions demonstrate confidence in Bitcoin's long-term prospects. The Best Wallet presale is gaining attention, having raised over $14.25 million, highlighting investor interest in crypto infrastructure opportunities.