The Michigan state pension system increases its exposure to Bitcoin through ARKB.
The State of Michigan Retirement System has expanded its exposure to Bitcoin via the ARK 21Shares ETF (ARKB).
According to filings with the Securities and Exchange Commission (SEC), the fund held 300,000 shares of ARKB at the end of the second quarter, with a total value of $10.737 million. This marks a nearly threefold increase compared to the 110,000 shares held the previous year.
ARKB is one of the 11 spot Bitcoin ETFs approved by the SEC in January 2024. With shares currently priced at $37.72, the fund’s holdings in ARKB would be worth approximately $11.3 million.
The Michigan pension fund’s portfolio also includes 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at around $9.6 million as of June 30.
Michigan is not alone in the landscape of institutional investments in digital assets. The Wisconsin Investment Board reported a $321 million exposure to Bitcoin last February through the BlackRock iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC), marking a significant increase from the previous year.
In mid-July, U.S. Bitcoin ETFs recorded over $1 billion in net inflows for two consecutive days—an unprecedented event. According to data from Bitbo, U.S. spot ETFs currently hold over 1.489 million BTC, valued at approximately $170 billion.
