The State of Michigan Retirement System almost tripled its exposure to Bitcoin in the second quarter, regulatory filings show. A new Form 13F lodged with the U.S. Securities and Exchange Commission lists the pension fund holding 300,000 shares of the ARK 21Shares Bitcoin ETF—up from 100,000 in the first quarter—valued at roughly $11.4 million on 30 June. The position represents well under 0.1 % of the plan’s $19.3 billion in assets but signals a growing willingness by public-sector retirement managers to add digital-asset exposure. Michigan also disclosed a $20 million stake in crypto exchange Coinbase and maintained an unchanged $13.6 million investment in the Grayscale Ethereum Trust. The purchases follow similar moves by the State of Wisconsin Investment Board, which holds about $387 million of BlackRock’s iShares Bitcoin Trust. They come even as U.S. spot Bitcoin ETFs recorded four straight days of combined net outflows of roughly $1.4 billion, suggesting institutions may be using the weakness to build strategic positions. Separately, market disclosures indicate BlackRock acquired about 23,875 ether—worth $88.8 million—while reportedly trimming some $77.4 million of Bitcoin. The rebalancing by the world’s largest asset manager underscores a broader rotation toward Ethereum as inflows into newly launched Ether funds accelerate.