2024-11-06
The State of Michigan Retirement System
has made a groundbreaking move by becoming the first U.S. state pension fund to
invest in an Ethereum ETF.
They disclosed an $11 million stake in
Grayscale's Ethereum Trust (ETHE) and Ethereum Mini Trust (ETH) including
$10,069,400 worth of shares in ETHE and $1,122,400 worth of shares in ETH.
These investments making Michigan one
of the top five holders of these ETFs. This investment reflects a growing
interest in Ethereum and digital assets beyond Bitcoin.
Michigan's pension fund also holds
110,000 shares in the ARK 21Shares Bitcoin ETF, valued at $6,981,700. This
diversified approach highlights their commitment to exploring the potential of
various digital assets1.
