The Michigan pension fund has significantly increased its exposure to Bitcoin (BTC) through the ARK 21Shares (ARKB) exchange-traded fund, highlighting how ETFs simplify access to digital assets for institutional investors.
According to regulatory filings submitted to the U.S. Securities and Exchange Commission (SEC), as of the end of the second quarter, the Michigan Retirement System held 300,000 shares of ARKB, valued at $10.737 million. This marks a significant increase from the 110,000 shares it held the previous year.
ARKB is one of the 11 spot Bitcoin ETFs approved by the SEC in January 2024, providing direct exposure to the cryptocurrency.
At the current trading price of $37.72 per share, assuming no shares have been sold since the last disclosure, the pension fund's ARKB holdings are now valued at approximately $11.3 million.
In addition to its Bitcoin-related holdings, the pension fund also disclosed holding 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at about $9.6 million as of June 30. This position has remained unchanged since September 2024.
Since the approval of Bitcoin ETFs, Michigan is not the only state pension fund investing in digital assets. According to Cointelegraph, the Wisconsin Investment Board disclosed in February that it holds $321 million in Bitcoin exposure through the BlackRock iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC), a significant increase from the previous year.
The disclosure from Michigan comes amid reports that U.S. President Donald Trump is considering signing an executive order allowing individual retirement accounts to invest in digital assets.
Following the most successful ETF issuance in U.S. history, Bitcoin funds have maintained strong momentum in 2024. In mid-July, U.S. Bitcoin ETFs saw net inflows exceeding $1 billion for two consecutive days, marking the first occurrence of such a phenomenon.
This surge propelled a 12-day streak of inflows, coinciding with Bitcoin reaching a new all-time high of over $123,000.
According to Bitbo data, U.S. spot Bitcoin ETFs currently hold over 1.292 million BTC, valued at approximately $146.5 billion.
After a slow start, Ethereum ETFs have also gained significant momentum, with the BlackRock iShares Ethereum ETF becoming the third-fastest fund to reach $10 billion in assets under management. According to Dune Analytics data, on-chain holdings of Ethereum in the ETF have increased by over 40% in the past month.
This surge in ETH accumulation has driven a sharp increase in Ethereum's price, climbing above $3,800 in July, representing an over 110% increase since early May.
Related: SharpLink now holds nearly $2 billion in Ether (ETH) after a $264.5 million purchase.
Original article: “Michigan Pension Fund Deepens Bitcoin (BTC) Exposure with $11 Million ARK ETF Holdings”
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