The Michigan State pension system (SMRS) has notably expanded its investment in Bitcoin (BTC), perhaps demonstrating either an increasing appetite for risk or a firm belief in the future value of cryptocurrency.
In a 13F file with the Securities and Exchange Commission (SEC) Tuesday, the retirement fund revealed that it had increased its position in the FNB Ark Bitcoin (ARKB) to 300,000 shares, against 110,000 in the previous quarter.
At the current Bitcoin value around $ 114,000 and the current ARKB price of $ 37.79 per share, this position is now estimated at around $ 11.3 million. These would only represent 0.03% of the $ 79 billion in assets under the fund management.
Pension funds are generally very opposite to risk, which makes them rare to allocate large funds to cryptocurrencies, with only a few. The fact that Michigan’s retirement system increases its assets suggests a very cautious perspective, but nevertheless positive of the future value of Bitcoin.
The fund also continues to hold the Grayscale Ethereum Trust (ETHE), 460,000 shares, worth around 9.6 million dollars on June 30.
