Michigan Retirement System Adds Bitcoin to Its Holdings, Joining Growing Trend Among Pension Funds

The State of Michigan Retirement System holds 110,000 shares in ARK 21Shares Bitcoin ETF (ARKB), which amounts to roughly $6.6 million

The State of Michigan Retirement System has disclosed a purchase of 110,000 shares in the ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $6.6 million, according to a July 26 filing with the United States Securities and Exchange Commission (SEC).

The purchase marks a significant step in the adoption of spot Bitcoin exchange-traded funds (ETFs) by pension funds in the United States, according to Bloomberg’s senior ETF analyst Eric Balchunas.

“Michigan’s Pension bought up some ARKB (although we have it valued at $7.4 million), which is a small percentage-wise for them, but it’s a start,” Balchunas said. “They are now the third pension to report owning a Bitcoin ETF.”

The Michigan Retirement System joins the State of Wisconsin Investment Board (SWIB), which earlier this year reported a $164 million investment in Bitcoin through BlackRock’s IBIT ETF and Grayscale’s Bitcoin Trust (GBTC).

Moreover, Jersey City Mayor Steven Fulop has revealed that the city’s pension fund is considering an investment in Bitcoin through ETFs.

According to market observers, the Securities and Exchange Commission’s approval of spot Bitcoin ETFs on U.S. exchanges in January has prompted public pension funds to consider such investments.

“We’re seeing a trend of public pension funds slowly but surely adding Bitcoin to their portfolios, and the recent approval of spot Bitcoin ETFs in the U.S. is certainly playing a role in this,” a market observer told CryptoSlate.

Chateau Capital co-founder and COO Alex Valaitis stated that these investment trends are likely to continue. He predicted that by 2028, all 50 states in the United States will hold crypto in their state pension funds.

“This means that 80%+ of American adults could be holding crypto (directly or indirectly) by the time the next election rolls around,” Valaitis added. “The same way politicians try to brag about their impact on the stock market, they will soon be trying to brag about their impact on the crypto markets.”

Bitcoin ETFs in the U.S. have witnessed strong performance since their launch, with the funds generating over $17 billion in inflows, according to Farside investor data.

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