Michigan Becomes First State Pension Fund to Invest $11M in Ethereum ETFs, $6.98M in Bitcoin ETFs

Nov 4, 2024, 04:41 PM

The State of Michigan's pension fund has made significant investments in cryptocurrency ETFs, according to recent SEC filings. The fund holds $6.98 million in Bitcoin ETFs and has become the first state pension fund to invest in Ethereum ETFs, with a substantial $11 million stake. This move positions Michigan as a top five holder of Ethereum and Grayscale Ethereum Trust (ETHE). The fund's investment in Ethereum exceeds its Bitcoin holdings, reflecting a notable shift in its investment strategy towards diversified crypto assets.