Michigan state pension fund triples Bitcoin ETF investment in Q2

The State of Michigan Retirement System, one of the largest public pension funds in the U.S., tripled its stake in the ARK 21Shares Bitcoin ETF (ARKB) during the second quarter, according to a new SEC filing.

As of June 30, the fund reported holding 300,000 shares of ARKB, up from 100,000 shares disclosed in April.

The State of Michigan Retirement System previously disclosed an acquisition of 460,000 shares in the Grayscale Ethereum Trust (ETHE), becoming the first US state pension fund to invest in an Ether-based fund. The latest filing confirms that the position is intact.

The filing comes as Michigan lawmakers push forward a broader crypto agenda. In May, Michigan lawmakers introduced four new bills aimed at incorporating crypto into state operations and safeguarding its use.

The bills address allowing the state treasurer to invest in major cryptocurrencies, prohibiting Michigan from banning crypto or requiring licenses, preventing state endorsements of CBDCs, and establishing a Bitcoin mining program at abandoned oil and gas sites.