Michigan Pension Fund Increases Bitcoin Holdings with $11M Stake in ARK ETF
- As of June 30, the State of Michigan Retirement System owned 300,000 ARKB shares valued at $10.737 million.
- This is an increase from the previous year’s holding of just 110,000 shares.
- ARKB is among the eleven Bitcoin ETFs approved by the SEC in January.
- Shares are currently trading at approximately $37.72, raising the value of these holdings to about $11.3 million.
- The fund also holds around $9.6 million in Grayscale Ethereum Trust (ETHE) shares, unchanged since September.
This disclosure coincides with potential regulatory changes allowing retirement accounts to invest in digital assets, as discussed by US President Donald Trump.
The Michigan pension fund’s significant investment reflects a growing trend in institutional investment in cryptocurrencies, highlighted by its substantial stake in both Bitcoin and Ethereum.
