After adding Bitcoin ETF to its pension fund last summer, Michigan State is now turning its attention to Ethereum (ETH). This time, it was Grayscale's products that caught the attention.
Michigan adds Ethereum (ETH) ETFs to its pension fund
Despite the launch of spot Ethereum (ETH) ETFs this summer in the United States, they are having a harder time convincing their counterparts backed by Bitcoin (BTC). Despite everything, this does not seem to discourage the state of Michigan, which invested heavily in Grayscale's Ethereum ETFs.
Indeed, it was first Matthew Sigel, head of digital assets research at VanEck, who spotted the new feature on X.
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Looking at the form 13F sent to the Securities and Exchange Commission (SEC), we see that the pension fund not only holds ETHE, Grayscale's main Ethereum ETH, but also the “mini” version of this funds. At the current price, all of these shares worth approximately $10.4 million :
Excerpt from Michigan State Pension Fund Investments
Thus, these investments are a continuation of those already made last July. And for good reason, the State then added 110,000 shares of the Bitcoin spot ETF from Ark Invest and 21Shares, the equivalent of nearly $7.4 million today.
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For its part, ETH is trading at $2,460, stable over 24 hours amid a wait-and-see attitude before the results of the American presidential election. As for Ethereum ETFs, they experienced another day of net outflows on Monday, to the tune of $63.2 million.
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Sources: XDRY
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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