Michigan Retirement System Expands Crypto Holdings With New Position in Ether ETFs

The State of Michigan Retirement System is increasing its crypto investments with a new position in Ether-based exchange-traded funds (ETFs).

The State of Michigan Retirement System is increasing its crypto investments with a new position in Ether-based exchange-traded funds (ETFs).

An SEC filing reveals that Michigan’s pension fund now owns 460,000 shares in the Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust. The filing also shows that, as of September 30, the fund held 110,000 shares in the ARK 21Shares Bitcoin ETF, valued at $6,981,700. This indicates growing exposure to digital assets, with recent Ethereum investments being a key highlight.

In an SEC filing this morning, the State of Michigan pension fund reported owning 110,000 shares of the ARK Bitcoin ETF valued at $6,981,700 as of September 30.

This means Michigan continues to hold its position. In a previous filing in July, Michigan also reported owning…

Bitcoin Holdings and Ethereum Expansion

The State of Michigan Retirement System has maintained its position in the ARK 21Shares Bitcoin ETF, with these shares gaining approximately $1 million in value since the initial report. Currently, Michigan’s position in Bitcoin ETFs is valued at $6.6 million, with the new addition being in Ethereum-focused ETFs.

With the addition of Ethereum shares, Michigan’s pension fund now holds over $11 million in crypto assets, making it one of the top five institutional investors in Grayscale’s Ethereum trusts.

Read also :Institutional Bitcoin Adoption Surge: Michigan Pension Fund Invests $6.6M in BTC ETFs

The purchase of 460,000 shares in both the Grayscale Ethereum Trust and the Ethereum Mini Trust marks Michigan's first Ether ETF acquisition, making it a leading institutional investor in Ethereum-based funds.

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. https://t.co/0E6O6pKK8S

According to reports, Michigan’s holdings represent 0.25% of the Grayscale Ethereum ETF’s total outstanding shares. Nonetheless, Michigan's entry into Ethereum ETFs highlights its beneficial interest in expanding its crypto holdings beyond Bitcoin.

Other institutional investors in the Grayscale Ethereum Trust, as revealed by recent SEC filings, include Galicia Asset Management, Digital Currency Group Inc., and DRW Securities LLC.

The filings indicate that there were fluctuations in holdings among these investors, with Galicia Asset Management decreasing its shares by 7,170,196, while DRW Securities LLC added 4,783,242 shares.

Potential Trends in State Pension Fund Crypto Investments

The recent move by Michigan’s pension fund to expand its crypto holdings comes shortly after Florida's Chief Financial Officer, Jimmy Patronis, encouraged state funds to consider such investments.

Patronis highlighted that Florida's state funds already hold $800 million in crypto assets, suggesting that the level of exposure could increase depending on political developments.

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