The Michigan Retirement System has significantly increased its investment in Bitcoin, now holding 300,000 shares of the ARK 21Shares Bitcoin ETF, valued at approximately $11.4 million, compared to 100,000 shares reported previously. This pension fund, which oversees $19.3 billion in assets, also holds $13.6 million in Grayscale’s Ethereum Trust, a position that has remained steady since last year. Despite a recent wave of ETF outflows totaling $1.4 billion, institutional interest in crypto persists, particularly among pension funds. Analysts note that pension funds are cautious yet optimistic about Bitcoin's potential, particularly in relation to its Sharpe ratio. The increased investment from the Michigan pension fund reflects a growing trend of state pension funds engaging with digital assets. The article also mentions that nationwide, other pension funds, such as Wisconsin's Investment Board, have similarly increased their crypto holdings, illustrating a broader institutional adoption of Bitcoin and Ethereum despite recent market fluctuations.

Source 🔗