Michigan becomes first US state pension fund to invest in ethereum ETFs with $11 million stake.
State pension funds have historically focused on bitcoin, but Michigan's move indicates growing interest in ethereum.
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The Michigan State 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 a SEC Filing.
According to the latest SEC filing, the Michigan pension fund owns 460,000 shares in Grayscale ethereum Trust (ETHE), valued at approximately $10.07 million, along with an additional 460,000 shares in Grayscale ethereum Mini Trust, worth around 1.12 million dollars.
Together, these holdings add up to nearly $11 million dedicated exclusively to ethereum ETFs, setting Michigan apart as most state pension funds have focused primarily on bitcoin investments.
In addition to its ethereum holdings, Michigan continues to maintain its investment in bitcoin with 110,000 shares in the ARK 21Shares bitcoin ETF, valued at approximately $7 million, as revealed in its latest SEC filing.
Jimmy Patronis recently advocated for including bitcoin in Florida's state retirement system, indicating that many states are considering cryptocurrencies as a viable investment for pension funds.
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