Michigan Pension Fund Boosts Bitcoin Holdings With $11M ARK ETF Stake

Michigan’s state pension fund has significantly increased its exposure to Bitcoin (BTC) via the ARK 21Shares (ARKB) exchange-traded fund, highlighting how ETFs are streamlining access to digital assets for institutional investors.

By the end of the second quarter, the State of Michigan Retirement System owned 300,000 ARKB shares, worth $10.737 million, according to regulatory filings with the US Securities and Exchange Commission (SEC). This marks a notable increase from the 110,000 shares it held in the previous year.

ARKB is one of the 11 spot Bitcoin ETFs approved by the SEC in January 2024, offering direct exposure to the cryptocurrency. 

With shares currently trading at $37.72, the value of the pension fund’s ARKB holdings would now stand at approximately $11.3 million, assuming no shares have been sold since the last disclosure.

In addition to its Bitcoin-related holdings, the pension fund also disclosed ownership of 460,000 shares of the Grayscale Ethereum Trust (ETHE), worth around $9.6 million as of June 30. That position has remained unchanged since September 2024.

Michigan isn’t the only state pension fund investing in digital assets since the approval of Bitcoin ETFs. As Cointelegraph reported, the State of Wisconsin Investment Board disclosed $321 million in Bitcoin exposure in February via BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC) — a substantial increase compared to the previous year.

Michigan’s disclosure comes amid reports that US President Donald Trump is considering an executive order to allow individual retirement accounts to invest in digital assets.

Related: BlackRock Bitcoin ETF set for ‘monstrous lead’ with SEC options boost

Bitcoin, Ether ETF gold rush accelerates

Following the most successful ETF launch in US history, Bitcoin funds have maintained strong momentum into 2024. In mid-July, the US Bitcoin ETFs saw over $1 billion in net inflows on two consecutive days, marking the first such occurrence.

This surge fueled a 12-day inflow streak, coinciding with Bitcoin reaching a new all-time high above $123,000.

According to Bitbo, US spot Bitcoin ETFs now hold over 1.292 million BTC, valued at approximately $146.5 billion.

After an initially slow start, Ether ETFs have also gained significant momentum, with BlackRock’s iShares Ethereum ETF becoming the third-fastest to hit $10 billion in assets under management. Onchain holdings of Ether in ETFs have increased by over 40% over the past month, according to Dune Analytics.

This surge in ETH accumulation has driven a sharp rally in Ether’s price, which climbed above $3,800 in July, capping a more than 110% gain since early May.

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