Michigan Pension Fund Grows Crypto, Backs Mining Bill

The State of Michigan Retirement System has tripled its ARK 21Shares Bitcoin ETF holdings to 300,000 shares, valued at over $11 million as of June 30, and also holds 460,000 shares of the Grayscale Ethereum Trust, making it one of the first US state pension funds to invest in both Bitcoin and Ether-based products. This expansion follows legislative efforts in Michigan to introduce four bills establishing a comprehensive regulatory framework, legalizing state crypto investments, and launching a Bitcoin mining initiative using abandoned oil and gas sites. The increased crypto exposure aligns with trends in other states, such as Wisconsin, reporting major Bitcoin ETF positions after SEC approvals. Despite strong institutional inflows, Bitcoin’s technical indicators point to short-term bearish momentum and downside risks. Nationally, there are ongoing discussions about expanding retirement account access to digital assets via executive action. These developments reflect accelerating institutional adoption and evolving regulatory clarity for cryptocurrencies.