Michigan’s state pension fund has ramped up its Bitcoin exposure, locking in a $10.7 million investment.
According to a new SEC filing, the state fund tripled its stake in the ARK 21Shares Bitcoin ETF (ARKB). This happened between March and June 2025. The fund now holds 300,000 ARKB shares, up from just 100,000 shares three months ago.
The ARKB position rose sharply in value—from $4.1 million to $10.7 million. This shows Michigan’s growing confidence in regulated Bitcoin exposure. Besides, this happens as spot Bitcoin ETFs attract large inflows since SEC approval in January 2024.
It’s worth noting that ARKB is a spot Bitcoin ETF that tracks Bitcoin’s real-time price. It offers direct exposure without needing to hold actual BTC. 21Shares sponsors the ETF, while ARK Invest, led by Cathie Wood, acts as the sub-adviser.
As per Yahoo Finance, the ETF was trading at $37.78 at the time of reporting. Although slightly down on the day, ARKB has gained over 20% year-to-date and more than 110% over the past year.
Moreover, Michigan’s move follows similar steps by other public funds. The Wisconsin Investment Board previously disclosed holdings in BlackRock and Grayscale Bitcoin ETFs. Public institutions are slowly warming up to Bitcoin—especially through safe, regulated financial instruments.
Meanwhile, the SEC recently raised the limit on Bitcoin ETF options contracts from 25,000 to 250,000. Consequently, institutions’ advanced hedging and income strategies are allowed..
The recent $10.7 million Bitcoin ETF purchase by Michigan is a clear sign of increasing institutional interest and a growing belief in Bitcoin as a solid long-term investment. This move could pave the way for pension funds to get on board and help further legitimize Bitcoin in regulated markets.