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Michigan Pension Fund Triples Bitcoin ETF Holdings to 300,000 Shares

Recent legislation has granted Michigan's treasurer new crypto investment powers following the fund’s tripled Bitcoin ETF holdings

Michigan state pension fund triples Bitcoin ETF investment in Q2

Overview

  • Michigan’s State Retirement System increased its ARK 21Shares Bitcoin ETF position from 100,000 to 300,000 shares in the second quarter, representing roughly $10.7 million as of June 30.
  • The pension fund remains the first U.S. state to invest in an Ether-based product, holding 460,000 shares of the Grayscale Ethereum Trust.
  • The ARK 21Shares Bitcoin ETF is among spot Bitcoin funds approved by the SEC in January 2024 that enable institutions to gain regulated exposure to digital assets.
  • In May, Michigan lawmakers introduced bills to authorize the state treasurer to invest in major cryptocurrencies and to launch a Bitcoin mining program at abandoned oil and gas sites.
  • Similar large-scale ETF allocations by public pension systems, including Wisconsin’s Investment Board, underscore a wider trend of cautious digital asset diversification.