The Michigan state pension fund has significantly increased its position in Bitcoin, acquiring an additional 300,000 shares of the ARK 21Shares Bitcoin ETF, valued at approximately $11.4 million.
This acquisition triples the fund’s stake in the spot Bitcoin exchange-traded fund and represents a notable statement of institutional confidence at a time when other exchange-traded funds tracking Bitcoin have experienced consistent outflows.
The fund’s diversified approach to cryptocurrency is further evidenced by its existing position of 460,000 shares in the Grayscale Ethereum Trust, valued at $13.6 million, signaling exposure beyond Bitcoin.
Industry observers note that while Bitcoin’s potential for lucrative returns attracts institutions like pension funds, the asset class’s inherent price volatility underscores that significant gains or losses could materially affect the performance of investment portfolios holding these positions.