State of Michigan Grows Bitcoin ETF Stake, Suggesting Guarded Confidence in the Future of Cryptocurrency.

The State of Michigan Retirement System (SMRS) has significantly increased its holdings in a leading Bitcoin exchange-traded fund, signaling a careful but growing acceptance of digital assets within the public pension sector.

In a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, SMRS reported owning 300,000 shares of the ARK 21Shares Bitcoin ETF (ARKB) as of June 30. This marks a nearly threefold increase from the 110,000 shares held in the previous quarter.

At ARKB’s current trading price of $37.79 per share, the expanded position is valued at roughly $11.3 million. While this represents only 0.03% of the pension fund’s $79 billion in total assets under management, the move is noteworthy given the traditionally conservative nature of pension investments.

Bitcoin itself continues to perform strongly, currently trading around $114,000. The timing of the increased exposure may suggest SMRS sees long-term potential in the digital asset, despite its well-known volatility.

In addition to Bitcoin, SMRS has maintained its position in the Grayscale Ethereum Trust (ETHE), holding 460,000 shares valued at approximately $9.6 million as of the same reporting date.

Though still a small fraction of the overall portfolio, Michigan’s continued allocation to crypto-related assets highlights a slow but steady shift in institutional attitudes—one that reflects cautious optimism about the future of blockchain-based investments.