The State of Michigan Retirement System (SMRS) has expanded its investment in Bitcoin, increasing its stake in the ARK 21Shares Bitcoin ETF (ARKB) to 300,000 shares as of June 30, according to a new SEC filing.
The move represents a major jump from the 110,000 shares held in the previous quarter. At the current share price of $37.79, the position is valued at roughly $11.3 million.
While the investment still makes up a very small portion of the fund’s total $79 billion in assets—just 0.03%—the increase is notable. Public pension funds are known for their cautious investment strategies, and few have ventured into crypto-related assets. Michigan’s growing position suggests a slowly shifting attitude, possibly reflecting rising confidence in Bitcoin’s long-term value.
Bitcoin itself continues to trade near record highs, currently priced around $114,000.
In addition to its Bitcoin exposure, SMRS also continues to hold 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at approximately $9.6 million as of the end of June.
Though crypto still represents a small fraction of the overall portfolio, the latest disclosure signals that digital assets are gaining credibility—even among traditionally conservative institutional investors.
