The State of Michigan Retirement System (SMRS) has notably expanded its investment in bitcoin (BTC), perhaps demonstrating either a growing appetite for risk or a firm belief in the cryptocurrency’s future value.

In a 13F filing with the Securities and Exchange Commission (SEC) on Tuesday, the pension fund revealed it had increased its position in the Ark Bitcoin ETF (ARKB) to 300,000 shares, up from 110,000 in the previous quarter.

At bitcoin's current value around $114,000 and ARKB’s current price of $37.79 per share, this position is now valued at approximately $11.3 million. That would be just 0.03% of the fund's $79 billion in assets under management.

Pension funds are typically very risk-averse, making it rare for them to allocate significant funds into cryptocurrencies, with only a few having done so. The fact that Michigan's pension system is increasing its holdings suggests a highly cautious, but nevertheless positive outlook on bitcoin's future value.

The fund also continues to hold the Grayscale Ethereum Trust (ETHE), 460,000 shares, valued at around $9.6 million as of June 30.

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