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2w ago

Michigan Pension Fund Triples Bitcoin ETF Stake to $10.7 Million

The shift demonstrates growing institutional embrace of regulated digital assets during a legislative drive to authorize their integration in state governance.

Michigan state pension fund triples Bitcoin ETF investment in Q2

Overview

  • The State of Michigan Retirement System disclosed in an August 5 SEC filing that its ARK 21Shares Bitcoin ETF holdings climbed to 300,000 shares by June 30, up from 100,000 shares at the end of March.
  • The value of the pension fund’s ARKB position rose to approximately $10.7 million, compared with about $4.1 million three months earlier.
  • The fund continues to hold 460,000 shares in the Grayscale Ethereum Trust, making it the first U.S. state pension fund to maintain an Ether-based ETF position.
  • In May, Michigan lawmakers introduced bills granting the state treasurer authority to invest in major cryptocurrencies and prohibiting blanket bans or licensing requirements for digital assets.
  • Additional proposals would bar state endorsement of central bank digital currencies and establish a Bitcoin mining program at abandoned oil and gas sites.