Michigan’s Bold Bet: Why Tripling Bitcoin ETF Holdings Could Reshape the State’s Pension Future Forever
When a state pension fund decides to triple its Bitcoin ETF holdings in a single quarter, you bet that’s a signal worth paying attention to. The Michigan Retirement System, one of the largest public pension funds in the U.S., has just done exactly that—boosting its stake in the ARK 21Shares Bitcoin ETF from 100,000 to a hefty 300,000 shares in Q2. You have to wonder: is this a sign that traditional investors are finally getting serious about digital assets, or just a daring bet on the future of finance? Adding to the intrigue, Michigan also jumped into the Grayscale Ethereum Trust, making waves as the first U.S. state pension fund to get behind an Ether-based fund. With lawmakers rolling out new bills to weave crypto into the state’s financial fabric, Michigan is clearly positioning itself on the frontlines of crypto adoption. It’s an exciting—and somewhat audacious—move that challenges the status quo and could reshape the way public funds view digital currencies. Ready to dive deeper? LEARN MORE
It also invested in the Grayscale Ethereum Trust.
Key Takeaways
- The Michigan retirement fund tripled its ARK Bitcoin ETF holdings to 300,000 shares in Q2.
- This move shows a significant increase in the fund’s exposure to digital assets like Bitcoin.
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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.
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