- State of Michigan Retirement System has invested $6.6 million in ARK 21Shares BTC ETF.
- The state of Wisconsin’s investment board invested $162 million spot BTC ETFs.
- Spot ETH ETFs are also expected to attract significant interest in the near future.
The State of Michigan Retirement System, the pension fund responsible for managing retirement programs for Michigan’s state employees, has strategically invested $6.6 million in spot Bitcoin exchange-traded funds (ETFs), specifically purchasing the ARK 21Shares Bitcoin ETF. This move underscores the fund’s optimistic outlook on the world’s leading digital asset.
A recent Reuters report, citing a Friday filing, revealed this to be the State of Michigan Retirement System’s second investment in spot Bitcoin ETFs, which received approval from the United States Securities and Exchange Commission (SEC) in January. This development highlights the growing institutional interest in digital investment products.
The State of Michigan Retirement System currently oversees approximately $143.9 billion in assets. In a similar vein, the state of Wisconsin’s investment board, managing a substantial $156 billion, recently disclosed investments in BlackRock’s iShares Bitcoin Trust and Grayscale’s GBTC, valued at $99 million and $63 million, respectively.
According to data from SoSoValue, the cumulative net inflows into spot BTC ETFs since their inception in January total $17.59 billion, with a total value locked of $2.04 billion. BlackRock’s IBIT leads the sector with inflows of $19.73 billion, followed by Fidelity’s FBTC at $9.99 billion.
Notably, on July 23, the SEC also approved spot Ether (ETH) ETFs from prominent asset management firms like Bitwise, Fidelity, and BlackRock. As the crypto market continues to expand its reach, these investment products are anticipated to attract substantial capital from institutions in the near future.
SoSoValue data indicates that spot ETH ETFs have experienced total net outflows of $341.35 million, with $162.67 million exiting these products on Friday alone. Grayscale’s ETHE has seen outflows of $1.51 billion, while BlackRock’s ETHA has attracted inflows of $442.14 million.
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