The State of Michigan Retirement System (SMRS) has expanded its investment in Bitcoin, signaling a cautious but increasing interest in cryptocurrency among traditional institutions.
In a filing with the U.S. Securities and Exchange Commission (SEC) this week, the pension fund revealed it now holds 300,000 shares of the ARK 21Shares Bitcoin ETF (ARKB), up from 110,000 shares last quarter. At ARKB’s current share price of $37.79, the investment is valued at around $11.3 million.
Although the position makes up just 0.03% of SMRS’s $79 billion portfolio, the increase is noteworthy. Public pension funds typically avoid high-risk assets like crypto, and Michigan’s growing exposure to Bitcoin suggests a carefully considered belief in its long-term potential.
Bitcoin is currently trading near $114,000, reflecting continued momentum in the broader crypto market.
Alongside its Bitcoin ETF investment, SMRS also holds 460,000 shares of the Grayscale Ethereum Trust (ETHE), worth about $9.6 million as of June 30.
While still a small part of the overall portfolio, these moves highlight a measured shift toward digital assets as state pension systems begin exploring alternative investments in response to evolving markets.
