- Michigan’s state pension fund holds 110,000 shares of ARK 21Shares Bitcoin ETF
- Investment valued at approximately $6.6 million as of June 30
Michigan’s state retirement system has taken a step into the world of cryptocurrency investments. In a recent filing with the Securities and Exchange Commission, the pension fund revealed its holdings in a spot Bitcoin exchange-traded fund (ETF) offered by ARK 21Shares.
The June 30 filing disclosed that the State of Michigan Retirement System owns 110,000 shares of the ARK 21Shares Bitcoin ETF, trading under the ticker ARKB. At the time of filing, this investment was valued at roughly $6.6 million, representing a small fraction of the fund’s total assets.
This move positions Michigan as the third US state to allocate part of its pension fund to crypto through ETFs since their approval in January. It follows Wisconsin’s $164 million investment in May and precedes Jersey City’s recent hint at a 2% investment in Bitcoin ETFs for its pension fund. As more states explore cryptocurrency investments, this trend could signal a growing acceptance of digital assets in traditional finance.