Michigan Pension Fund Takes a Daring Leap into Bitcoin Wonderland! 🎩💰

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Ah, the State of Michigan, ever the trendsetter! It seems their state pension fund has decided to dip its toes into the shimmering waters of Bitcoin (BTC) via the ARK 21Shares (ARKB) exchange-traded fund. How positively avant-garde! 🕶️

By the end of the second quarter, our dear Michigan Retirement System had amassed a rather impressive 300,000 ARKB shares, valued at a delightful $10.737 million, as per the latest whispers from the US Securities and Exchange Commission (SEC). Quite the leap from the paltry 110,000 shares they clutched last year, wouldn’t you say? 📈

Now, ARKB is one of the 11 spot Bitcoin ETFs that the SEC graciously approved in January 2024, offering a direct line to the cryptocurrency. It’s like a VIP pass to the digital asset soirée! 🎉

With shares currently frolicking at $37.72, the pension fund’s ARKB holdings would now be worth a charming $11.3 million, assuming they haven’t sold a single share since their last disclosure. Fingers crossed! 🤞

But wait, there’s more! In addition to their Bitcoin escapades, the pension fund has also revealed a rather respectable ownership of 460,000 shares of the Grayscale Ethereum Trust (ETHE), worth around $9.6 million as of June 30. This position has remained as steady as a butler at a fancy dinner party since September 2024. 🍽️

And Michigan isn’t alone in this digital asset dance! The State of Wisconsin Investment Board has also joined the fray, disclosing a staggering $321 million in Bitcoin exposure via BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC). Talk about a financial soirée! 💃

Now, as if that weren’t enough excitement, Michigan’s announcement comes amidst rumors that US President Donald Trump is contemplating an executive order to allow individual retirement accounts to invest in digital assets. Oh, the drama! 🎭

Bitcoin, Ether ETF Gold Rush Accelerates

Following the most successful ETF launch in US history, Bitcoin funds have been riding a wave of momentum into 2024. In mid-July, the US Bitcoin ETFs saw over $1 billion in net inflows on two consecutive days-an unprecedented occurrence! It’s like a financial tidal wave! 🌊

This surge has sparked a 12-day inflow streak, coinciding with Bitcoin reaching a dazzling new all-time high above $123,000. Can you imagine the champagne popping? 🍾

According to Bitbo, US spot Bitcoin ETFs now hold over 1.292 million BTC, valued at approximately $146.5 billion. That’s a number that would make even the most stoic accountant swoon! 💸

After a rather slow start, Ether ETFs have also decided to join the party, with BlackRock’s iShares Ethereum ETF becoming the third-fastest to hit $10 billion in assets under management. Onchain holdings of Ether in ETFs have surged by over 40% in the past month, according to Dune Analytics. Quite the impressive feat! 🎊

This surge in ETH accumulation has driven a sharp rally in Ether’s price, which climbed above $3,800 in July, capping a more than 110% gain since early May. It seems the digital asset world is positively thriving! 🌟

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2025-08-06 01:10