Another state retirement fund revealed that it owns substantial shares in a spot bitcoin exchange-traded fund.

The State of Michigan Retirement System revealed that it owns 110,000 shares worth of ARK 21Shares Bitcoin ETF as of June 30, according to a Tuesday 13F filing with the U.S. Securities and Exchange Commission. The Board's shares in ARK 21 were valued at $6,597,800. 

Bloomberg's senior ETF analyst Eric Balchunas affirmed the System's purchase in ARKB, noting that its ETF ownership is small percentage-wise. "It's a start," he said, adding that the State Retirement Board of Michigan is the third pension entity to report owning spot bitcoin ETF shares.

The Michigan pension agency follows the State of Wisconsin Investment Board and Jersey City in adding spot bitcoin ETF shares …