Michigan Becomes First State Pension Fund to Invest $11 Million in Ethereum ETFs, Holding More ETH Than BTC

Nov 4, 2024, 05:17 PM

The State of Michigan's pension fund has disclosed holdings in both Bitcoin and Ethereum ETFs, according to recent SEC filings. The fund holds $6,981,700 in Bitcoin ETFs and has invested $11 million in Ethereum ETFs, becoming the first U.S. state pension fund to invest in Ethereum ETFs. The fund's Ethereum holdings include 460,000 shares of the Grayscale Ethereum Trust (ETHE). This move indicates a growing institutional interest in crypto assets beyond Bitcoin, with the pension fund allocating more to Ethereum than Bitcoin despite Ethereum's recent underperformance relative to Bitcoin. The fund's interest in crypto assets is no longer limited to Bitcoin, marking a significant step for institutional adoption of Ethereum.