According to filings with the U.S. Securities and Exchange Commission, Michigan’s pension fund now holds 300,000 shares of ARKB, valued at over $10.7 million at the end of Q2 — nearly triple the amount it reported last year. If those holdings remained unchanged, their current market value would be approximately $11.3 million, based on ARKB’s recent trading price.
ARKB is one of several spot Bitcoin ETFs greenlit by the SEC in early 2024, offering direct exposure to Bitcoin’s price without requiring investors to hold the asset directly.
This isn’t Michigan’s only foray into crypto. The fund also maintains a $9.6 million position in the Grayscale Ethereum Trust (ETHE), unchanged since late 2024. The broader trend reflects a wave of state-managed funds entering the digital asset space, following Wisconsin’s headline-making $321 million Bitcoin investment earlier this year through BlackRock’s and Grayscale’s ETF products.
Meanwhile, momentum in both Bitcoin and Ethereum ETFs remains strong. U.S. spot Bitcoin funds now hold more than 1.29 million BTC — worth roughly $146 billion — as net inflows hit record highs in July. Ether ETFs have also surged in demand, with BlackRock’s Ethereum fund climbing rapidly past $10 billion in assets under management, contributing to ETH’s sharp rally past $3,800.
With institutional adoption accelerating and retirement funds dipping deeper into crypto, analysts see this as another step toward legitimizing Bitcoin and Ethereum as long-term portfolio assets.
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