State of Michigan Joins Top Crypto Investors with $11M in BTC and ETH

Michigan Pension Fund expands its crypto portfolio with a significant Ethereum ETF investment.
Michigan’s Bitcoin holdings rise by $1 million, placing it among top ETH ETF investors.
State pension funds in Michigan and Florida show increasing interest in cryptocurrency 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, including recent Ethereum investments.

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…
— MacroScope (@MacroScope17) November 4, 2024

Bitcoin Holdings and Ethereum Expansion

Michigan’s state pension fund has maintained its position in the ARK 21Shares Bitcoin ETF, with these shares gaining approximately $1 million since the initial report. Currently, Michigan’s position in Bitcoin ETFs is worth $6.6 million, demonstrating continued commitment to Bitcoin while diversifying into Ethereum-focused ETFs.

With the addition of Ethereum shares, Michigan’s pension fund now holds over $11 million in crypto assets, positioning itself as 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, establishing it as 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
— Eric Balchunas (@EricBalchunas) November 4, 2024

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

Alongside Michigan, other institutional investors, including Galicia Asset Management, Digital Currency Group Inc., and DRW Securities LLC, also hold positions in the Grayscale Ethereum Trust.

Recent SEC filings reveal fluctuations in holdings among major investors. Galicia Asset Management has decreased its shares by 7,170,196, while DRW Securities LLC has 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 similar investments.

Patronis noted that Florida’s state funds already hold $800 million in crypto assets, hinting at the possibility of increased exposure depending on political developments.

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Source: https://coinedition.com/michigan-pension-fund-adds-ethereum-etfs-to-investment-portfolio/