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Stacy Pereira
- The State of Michigan Retirement System increased its stake in the ARK 21Shares Bitcoin ETF (ARKB).
- The state has tripled its exposure over just three months, from 100,000 shares in Q1 to 300,000 shares by the end of Q2.
- The fund’s ARKB holdings are valued at roughly $10.7 million to $11.4 million.
The State of Michigan Retirement System, which oversees over $140‑$190 billion in total assets, has tripled its holdings in the ARK 21Shares Bitcoin ETF (ARKB). As of June 30, 2025, the fund holds 300,000 shares, valued at approximately $10.7–$11.4 million.
This is up from 100,000–110,000 shares it held at the end of Q1, or just about 0.0065% of its total assets, it disclosed in its SEC Form 13F filing. The move makes the fund one of the more prominent state-level institutional players investing in Bitcoin ETF. Chief Investment Officer Jon Braeutigam spearheaded the expansion, signaling the fund’s increasing commitment to digital assets as part of its broader portfolio diversification strategy
The Michigan fund’s stake remains modest in percentage terms but notable for a public pension entity. As ARK 21Shares Bitcoin ETF’s share price nears $37–$38, the position now represents rising institutional confidence in digital assets via regulated ETF vehicles.
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Other State-level Bitcoin exposure
Michigan is among a small but growing set of U.S. pension systems with confirmed crypto positions. In May, the Wisconsin Investment Board was the first U.S. pension fund to announce plans to add a Bitcoin ETF to its portfolio. It has exposure of $160 million in 2 spot Bitcoin ETFs from Grayscale and BlackRock. Jersey City’s pension system has also revealed plans for a Bitcoin ETF allocation of up to ~2% of its fund.
Jersey City Mayor Steven Fulop had taken to X to outline his plans. He said,“The question on whether Crypto/bitcoin is here to stay is largely over.” Details of the Jersey City pension fund’s digital asset allocation will become public once its Form 13F is filed, expected 45 days after the quarter’s close.
Michigan’s move to triple its ARKB holdings, even though minuscule, is a growing trend toward institutional crypto exposure through regulated products.
