Michigan Pension Fund Buys $10 Million Worth of Ethereum, Becomes One of Grayscale's Top ETH Holders

VanEck's Head of Digital Assets Research, Matthew Sigel, made this revelation in an X post. Meanwhile, Bloomberg analyst Eric Balchunas highlighted the

The Michigan Pension fund has acquired $10 million in Ethereum through Grayscale’s ETFs, according to a recent X post by VanEck’s Head of Digital Assets Research, Matthew Sigel. The pension fund’s purchase was highlighted by Bloomberg analyst Eric Balchunas.

Michigan Pension Fund Now Owns $10 Million in Ethereum

According to an X post by Matthew Sigel, the State of Michigan has acquired $10 million in Ethereum through the ETH ETFs. He revealed that the pension fund had disclosed these ETH ETF holdings in a filing with the U.S. Securities and Exchange Commission (SEC).

The filing shows that the State of Michigan holds 460,000 shares in Grayscale’s Ethereum Trust ETF and another 460,000 shares in Grayscale’s Ethereum Mini Trust, bringing their total ETH holdings to over $11 million.

Sigel noted that these ETH holdings place the State of Michigan among the top five holders of Grayscale’s ETH and ETHE ETFs. Their Ethereum purchase also makes them the first to invest in Ethereum ETFs since their launch in July.

It’s important to note that the Michigan Pension Fund is not new to the crypto space. Earlier this year, the state’s pension fund acquired $6.6 million in Bitcoin through Ark Invest’s BTC ETF.

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