Michigan’s State Retirement System has deepened its crypto exposure with an $11 million investment in the ARK 21Shares Bitcoin ETF, according to recent SEC filings. The fund now owns 300,000 ARKB shares, up from 110,000 in the prior year.
ARKB is one of the 11 spot Bitcoin ETFs approved by the SEC in January 2024 and offers direct access to the leading cryptocurrency. At the current share price of $37.72, the fund’s position is now worth approximately $11.3 million, assuming no sales.
The pension fund also continues to hold 460,000 shares in the Grayscale Ethereum Trust, valued at $9.6 million as of June 30, 2025. This position has remained unchanged since September 2024.
Michigan joins a growing number of institutional investors gaining crypto exposure through ETFs. In February, the State of Wisconsin revealed $321 million in Bitcoin holdings through BlackRock’s IBIT and Grayscale’s GBTC.
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