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.