Michigan Retirement System Triples Bitcoin ETF Holdings in Q2 2025

Michigan’s state pension fund increased its Bitcoin ETF holdings by 200% in the second quarter, raising its ARK 21Shares Bitcoin ETF position to 300,000 shares from 100,000 shares held at the end of March.

The State of Michigan Retirement System filed its quarterly 13F report with the Securities and Exchange Commission on Monday, covering the period ending June 30, 2025. 

The Michigan fund also maintains additional cryptocurrency exposure through Ethereum products. It holds 460,000 shares of the Grayscale Ethereum Trust valued at approximately $13.6 million, unchanged since September 2024.

Pension funds operate based on rules around the circulating market cap of any asset, potential upside, and max drawdowns. Through careful monitoring of Sharpe ratios, Bitcoin has been on that radar for a while now,

said Ganesh Mahidhar from Further Ventures.

He noted the purchases remain under 0.1% of their total portfolio to protect against significant losses. Bitcoin ETFs faced recent outflows totaling $1.4 billion over four consecutive days. ARK 21Shares recorded outflows only once during that period, losing $5.1 million last Friday.

Other state pension systems have made similar investments. The State of Wisconsin Investment Board holds over 6 million shares of BlackRock’s iShares Bitcoin Trust, worth roughly $387.3 million.

The SEC approved 11 spot Bitcoin ETFs in January 2024, including ARK 21Shares. These products provide direct cryptocurrency exposure within regulated investment structures.

SEC regulations require institutional investors managing over $100 million to disclose quarterly holdings through Form 13F filings. Since spot Bitcoin ETFs launched in early 2024, traditional asset managers and pension funds have gradually added digital assets to their portfolios.