Bitcoin ETF Holdings Rise in Michigan’s Pension Fund, Hinting at Tentative Trust in Crypto’s Long-Term Potential.

The State of Michigan Retirement System (SMRS) has significantly raised its exposure to Bitcoin through the ARK 21Shares Bitcoin ETF (ARKB), signaling a careful yet growing confidence in digital assets.

According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), SMRS held 300,000 shares of ARKB as of June 30, up from 110,000 shares in the previous quarter. Based on ARKB’s current price of $37.79, the position is valued at approximately $11.3 million.

Although the stake represents just 0.03% of the fund’s $79 billion in total assets under management, the increase is notable given pension funds’ traditionally conservative investment approach. Such funds rarely allocate to high-volatility assets like cryptocurrencies, making Michigan’s move a potential sign of shifting institutional attitudes.

The investment reflects a potentially strategic bet on Bitcoin’s long-term value, especially as the cryptocurrency continues to gain traction among institutional investors. At the time of reporting, Bitcoin is trading around $114,000.

In addition to its Bitcoin exposure, SMRS also maintains a position in the Grayscale Ethereum Trust (ETHE), holding 460,000 shares valued at roughly $9.6 million as of June 30.

Together, these holdings suggest that while crypto still represents a small slice of SMRS’s portfolio, the fund is increasingly open to incorporating digital assets into its long-term investment strategy.