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Michigan Pension Fund Triples Bitcoin ETF Holdings to $10.7 Million

Michigan legislators introduced measures to codify crypto investment rules after the retirement system expanded its Bitcoin and Ethereum ETF positions.

Michigan state pension fund triples Bitcoin ETF investment in Q2

Overview

  • The retirement system held 300,000 ARK 21Shares Bitcoin ETF shares as of June 30, up from 100,000 at the end of Q1 and valued at about $10.7 million.
  • It also retains 460,000 shares of the Grayscale Ethereum Trust, making it the first U.S. state pension fund to back an Ether-based product.
  • These additions follow SEC approvals of spot Bitcoin and Ethereum ETFs in early 2024 and reflect a broader trend of public pension funds diversifying with regulated digital-asset vehicles.
  • In May Michigan lawmakers introduced four bills to authorize state crypto investments, block bans or licensing requirements for digital assets, prohibit CBDC endorsements, and establish Bitcoin mining at abandoned oil and gas fields.
  • Michigan’s moves echo similar disclosures by the Wisconsin Investment Board and signal growing institutional acceptance of cryptocurrency ETFs as long-term portfolio assets.