Michigan State Pension Increases Bitcoin ETF Holdings to 300,000 Shares

The State of Michigan Retirement System (SMRS) has increased its investment in bitcoin (BTC) by raising its position in the Ark Bitcoin ETF (ARKB) from 110,000 to 300,000 shares. This change is detailed in a 13F filing with the SEC.

Current valuation of bitcoin is around $114,000.
ARKB's current price is $37.79 per share.
SMRS's position in ARKB is valued at approximately $11.3 million, representing 0.03% of the fund's $79 billion in assets.
The pension fund also holds 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at about $9.6 million as of June 30.

This expansion reflects a cautious yet positive outlook on bitcoin's future value amidst the generally risk-averse nature of pension funds.