. Translate the text naturally.
Let's break down the content.
First paragraph: "The Michigan State Retirement Fund has increased its stake in Strategy — the corporate Bitcoin proxy formerly known as MicroStrategy — by 141%, according to filings made public this week. The move adds to a growing list of public pension funds that are quietly allocating to crypto-adjacent equities rather than holding digital assets directly."
Translation: "미시간 주 퇴직연금 기금(Michigan State Retirement Fund)이 이번 주 공개된 서류에 따르면 비트코인 대리주로 알려진 기업 스트래티지(Strategy, 구 마이크로스트래티지)에 대한 지분을 141% 늘렸다. 이번 움직임은 디지털 자산을 직접 보유하는 대신 암호화폐 관련 주식에 조용히 자금을 배분하는 공공 연기금 목록에 추가된 사례다."
But we need to be accurate. Also note "Strategy" is the company name, so keep as "Strategy" or "스트래티지"? Since it's a proper noun, we can keep in English or transliterate. The requirement says "Keep proper nouns (names, company names) in original form", so we should keep "Strategy" and "MicroStrategy" as is. So we'll write "Strategy" in English. Also "Michigan State Retirement Fund" is a proper noun, we can keep as is or translate? It's a name, so keep as is. We'll write "미시간 주 퇴직연금 기금" but that's a translation, but the name is "Michigan State Retirement Fund" - we can keep the English name in parentheses or just say "미시간 주 퇴직연금 기금" but that's a translation. The requirement says keep proper nouns in original form, so we should keep "Michigan State Retirement Fund" as is. So we'll write "Michigan State Retirement Fund" in English. But we can also use a Korean description. I'll do: "미시간 주 퇴직연금 기금(Michigan State Retirement Fund)" but that's redundant. I'll just say "미시간 주 퇴직연금 기금" but it's a translation. Actually, the instruction says "Keep proper nouns (names, company names) in original form", so we should not translate them. So we'll keep "Michigan State Retirement Fund" as is, and "Strategy" as is. So we'll write: "미시간 주 퇴직연금 기금(Michigan State Retirement Fund)이 ..." but that's mixing. Better to keep the English name and then explain? Actually, we can write: "미시간 주 퇴직연금 기금(Michigan State Retirement Fund)이 ..." but that's a translation of the type. I think we can keep the English name as is: "Michigan State Retirement Fund" and then use Korean for the rest. So we'll write: "Michigan State Retirement Fund가 이번 주 공개된 서류에 따르면 ..." but that's awkward. In Korean news, they often keep proper nouns in English. So we'll do: "미시간 주 퇴직연금 기금(Michigan State Retirement Fund)이 ..." but that's a bit redundant. Actually, we can just say "미시간 주 퇴직연금 기금" which is a translation, but it's a proper noun, so we should keep the original. I'll go with "Michigan State Retirement Fund" as is, and then use Korean for the rest. But the article says "The Michigan State Retirement Fund" - so we can write "미시간 주 퇴직연금 기금" but that's a translation. I think it's acceptable to translate the name of the fund? The instruction says "Keep proper nouns (names, company names) in original form" - so we should keep "Michigan State Retirement Fund" as is. So we'll write: "Michigan State Retirement Fund가 ..." but that's mixing. In Korean, it's common to write "미시간 주 퇴직연금 기금" but that's a translation. To be safe, I'll keep the English name in parentheses after the Korean translation? Actually, the instruction is to keep proper nouns in original form, so we should not translate them. So we'll write "Michigan State Retirement Fund" as is, and then use Korean for the rest. So the sentence: "Michigan State Retirement Fund가 이번 주 공개된 서류에 따르면 ..." That is fine. Similarly, "Strategy" should be kept as "Strategy". So we'll write "Strategy" and "MicroStrategy" as is.
Let's do a full translation.
Original: "The Michigan State Retirement Fund has increased its stake in Strategy — the corporate Bitcoin proxy formerly known as MicroStrategy — by 141%, according to filings made public this week."
Translation: "Michigan State Retirement Fund가 이번 주 공개된 서류에 따르면 비트코인 대리주로 알려진 기업 Strategy(구 MicroStrategy)에 대한 지분을 141% 늘렸다."
But we need to keep the dash. We can use em dash or parentheses. I'll use parentheses.
Next: "The move adds to a growing list of public pension funds that are quietly allocating to crypto-adjacent equities rather than holding digital assets directly."
Translation: "이번 움직임은 디지털 자산을 직접 보유하는 대신 암호화폐 관련 주식에 조용히 자금을 배분하는 공공 연기금 목록에 추가된 사례다."
But "crypto-adjacent equities" - we can say "암호화폐 관련 주식" or "암호화폐 인접 주식" - I'll use "암호화폐 관련 주식".
Now the second paragraph: "
The move
" - we need to translate the heading. "The move" could be "이동" but more contextually "이번 조치" or "움직임". I'll use "이번 조치" or "움직임". Since it's a heading, we'll translate as "이번 움직임" or "조치". I'll use "이번 조치" but "move" here refers to the action. I'll use "이번 결정" or "이번 움직임". I'll go with "이번 움직임".
Then the content: "The fund, which oversees retirement savings for Michigan's public employees, now holds roughly $X million worth of Strategy shares after the increase. The exact dollar figure wasn't disclosed in the filing, but the 141% jump represents a significant bet on a company that holds more than 200,000 Bitcoin on its balance sheet. Strategy's stock has become a popular proxy for institutions that want Bitcoin exposure without the custody headaches or regulatory uncertainty of holding the asset itself."
Note: There is "$X million" - that's a placeholder. We should keep it as is, maybe translate "roughly $X million" as "약 X백만 달러" but since it's a placeholder, we can keep "$X million" as is. I'll keep it.
Translation: "미시간 주 공무원들의 퇴직
