Michigan | Crypto

The State of Michigan Retirement System has nearly tripled its Bitcoin ETF holdings, signaling rising institutional confidence in digital assets. Michigan’s state pension fund has significantly increased its exposure to Bitcoin (BTC) via the ARK 21Shares (ARKB) exchange-traded fund, highlighting how ETFs are streamlining access to digital assets for institutional investors. By the end of the second quarter, the State of Michigan Retirement System owned 300,000 ARKB shares, worth $10.737 million, according to regulatory filings with the US Securities and Exchange Commission (SEC). This marks a notable increase from the 110,000 shares it held in the previous year. ARKB is one of the 11 spot Bitcoin ETFs approved by the SEC in January 2024, offering direct exposure to the cryptocurrency.  Read more

Michigan lawmakers introduced four crypto bills in one day, covering crypto in state retiree funds, CBDCs and Bitcoin miners operating at abandoned oil and gas sites. Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds. Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year. Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company. Read more