The Michigan State Retirement System (SMRS) has significantly expanded its investment in Bitcoin (BTC), perhaps demonstrating a growing appetite for risk or firm belief in the future value of cryptocurrency.
In a 13F presentation before the Bag and Securities Commission (SEC) on Tuesday, the pension fund revealed that its position in the Ark Bitcoin ETF (ARKB) had increased to 300,000 actions, compared to 110,000 in the previous quarter.
In the current Bitcoin value around $ 114,000 and the current ARKB price of $ 37.79 per share, this position is now valued at approximately $ 11.3 million. That would only be 0.03% of the $ 79 billion assets of the fund under administration.
Pension funds are usually very reluctant to risk, which makes it rare to assign significant funds to cryptocurrencies, and only a few have done so. The fact that Michigan’s pension system is increasing its holdings suggests a highly cautious perspective but nevertheless positive Bitcoin’s future value.
The fund also continues to celebrate the Ethereum Trust (ETHE) on the gray scale, 460,000 shares, valued at around $ 9.6 million as of June 30.
