Michigan becomes first state pension fund to invest in Ethereum ETFs with $11M stake
Key Takeaways
- Michigan becomes the first US state pension fund to invest in Ethereum ETFs with an $11 million stake.
- State pension funds have historically focused on Bitcoin, but Michigan's move signals growing interest in Ethereum.
Share this article
The State of Michigan Retirement System has become the first US state pension fund to invest in an Ethereum ETF, disclosing an $11 million stake in Grayscale’s Ethereum trusts in an SEC filing .
According to the latest SEC filing, Michigan’s pension fund holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at approximately $10.07 million, along with an additional 460,000 shares in the Grayscale Ethereum Mini Trust, worth around $1.12 million.
Together, these positions total nearly $11 million dedicated exclusively to Ethereum ETFs, setting Michigan apart as most state pension funds have primarily focused on Bitcoin investments.
Michigan’s diversification into Ethereum reflects a growing interest in the broader potential of digital assets.
Tim Ogilvie, Kraken’s Global Head of Institutional, noted that “milestones like today highlight the steady trend toward investor allocation into the asset class.”
He noted that institutional adoption, while still early, is accelerating as investors seek the returns seen by pioneering funds.
“This could open doors to a broader range of cryptocurrencies, including smart contract platforms and infrastructure layers with global utility,” Ogilvie added.
In addition to its Ethereum holdings, Michigan continues to maintain its Bitcoin investment with 110,000 shares in the ARK 21Shares Bitcoin ETF, valued at approximately $7 million, as disclosed in its latest SEC filing.
Jimmy Patronis recently advocated for including Bitcoin in Florida’s state retirement system, signaling that many states are eyeing crypto as a viable investment for pension funds.
Share this article
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Economic Truth: AI Drives Growth Alone, Cryptocurrency Becomes a Political Asset
The article analyzes the current economic situation, pointing out that AI is the main driver of GDP growth, while other sectors such as the labor market and household finances are in decline. Market dynamics have become detached from fundamentals, with AI capital expenditure being key to avoiding a recession. The widening wealth gap and energy supply are becoming bottlenecks for AI development. In the future, AI and cryptocurrencies may become the focus of policy adjustments. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still in the process of iterative improvement.
AI unicorn Anthropic accelerates IPO push, taking on OpenAI head-to-head?
Anthropic is accelerating its expansion into the capital markets, initiating collaboration with top law firms, which is seen as an important signal toward going public. The company's valuation is approaching 300 billions USD, and investors are betting it could go public before OpenAI.
Did top universities also get burned? Harvard invested $500 million heavily in bitcoin right before the major plunge
Harvard University's endowment fund significantly increased its holdings in bitcoin ETFs to nearly 500 million USD in the previous quarter. However, in the current quarter, the price of bitcoin subsequently dropped by more than 20%, exposing the fund to significant timing risk.
The Structural Impact of the Next Federal Reserve Chair on the Cryptocurrency Industry: Policy Shifts and Regulatory Reshaping
The change of the next Federal Reserve Chair is a decisive factor in reshaping the future macro environment of the cryptocurrency industry.
Trending news
MoreCrypto prices
More
