The state of Michigan Retirement System (SMRS) has especially expanded its investment in Bitcoin (BTC), which may demonstrate either a growing appetite for risk or a firm belief in Cryptocurrency’s future value.
In a 13F archiving at Securities and Exchange Commission (SEC) on Tuesday, the pension fund revealed that it had increased its position in ARK Bitcoin Etf (ARKB) to 300,000 shares, up from 110,000 in the previous quarter.
At Bitcoin’s current value around $ 114,000 and ARKB’s current price of $ 37.79 per Stock is now appreciated this position to approximately $ 11.3 million. It would only be 0.03% of the fund’s $ 79 billion in assets under management.
Pension funds are typically very risk -averse, making it rarely for them to allocate significant means to cryptocurrencies where only a few have done so. The fact that Michigan’s pension system increases its stocks suggests a very careful yet positive view of Bitcoin’s future value.
The fund also continues to hold the Grayscale Ethereum Trust (ethe), 460,000 shares, valued at around $ 9.6 million per year. June 30.
