State of Michigan pension fund discloses $10m Ethereum ETF holdings

  • State
    of
    Michigan
    pension
    fund
    holds
    over
    $11
    million
    in
    spot
    Ethereum
    exchange-traded
    funds.
  • The
    13F
    filing
    the
    State
    of
    Michigan
    Retirement
    System
    about
    $10
    million
    in
    Grayscale
    ETF
    ETHE
    and
    $1.1
    million
    in
    Grayscal
    Ethereum
    Mini
    Trust
    ETF
    (ETH).

The
State
of
Michigan
pension
fund
has
disclosed
in
a

13F
filing

that
it
acquired
and
holds
over
$10
million
in
spot
Ethereum
exchange-traded
funds.

In
the
latest
13F
filing,
details
show
that
the
State
of
Michigan
Retirement
System
disclosed
its
holdings
of
the
Grayscale
Ethereum
Trust
(ETHE)
and
Ethereum
Mini
Trust
ETF
(ETH).

Per
the
filing,
the
Michigan
state
pension
holds
460,000
shares
of
ETHE
worth
about
$10
million
and
460,000
shares
ETH
(the
mini
trust
ETF)
worth
roughly
$1.1
million.

VanEck
head
of
digital
assets
Matthew
Sigel
shared
the
details
below
on
X.

State
pension
funds
buying
spot
crypto
ETFs

With
these
spot
Ethereum
ETF
holdings,
the
State
of
Michigan
pension
fund
has
become
the
first
such
entity
to
disclose
an
ETH
ETF
holding.

Notably,
the
State
of
Michigan
Retirement
System
already
disclosed
its
spot
Bitcoin
ETF
holdings,
revealing
a
$7
million
position.
Going
by
the
latest
13F
filing,
the
pension
fund’s
ether
ETFs
position
is
bigger
than
its
spot
BTC
ETF
one.

Commenting
on
this,
Bloomberg
senior
ETF
analyst
Eric
Balchunas
said
it
is
a
“big
win”
for
Ethereum.
In
particular,
it’s
because
BTC
price
has
seen
massive
price
gains
compared
to
ETH
which
has
struggled
a
lot
over
the
last
several
months.

Balchunas
wrote
in
a

post
on
X
:

“Not
only
did
Michigan’s
pension
buy
Ether
ETFs
but
they
bought
more
then
they
did
of
bitcoin
ETFs,
$10m
vs
$7m,
this
despite
btc
being
up
a
ton
and
ether
in
the
gutter.
Pretty
big
win
for
ether
which
could
use
one.”

Several
US
states
have
disclosed
spot
ETF
holdings
since
SEC
approved
BTC
ETFs
in
January
this
year.
These
include
the

State
of
Wisconsin
Investment
Board

and
Florida,
whose
chief
financial
officer
revealed
in
an
interview
last
week
that
the
state’s
crypto
holdings
are
around

$800
million
.

Comments are closed.