{"id":594834,"date":"2024-11-05T10:34:25","date_gmt":"2024-11-05T10:34:25","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=594834"},"modified":"2024-11-05T10:34:25","modified_gmt":"2024-11-05T10:34:25","slug":"michigan-makes-history-as-first-state-pension-fund-to-invest-in-spot-ethereum-etfs-via-grayscale","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/michigan-makes-history-as-first-state-pension-fund-to-invest-in-spot-ethereum-etfs-via-grayscale","title":{"rendered":"Michigan Makes History As First State Pension Fund To Invest In Spot Ethereum ETFs Via Grayscale"},"content":{"rendered":"

The State of Michigan Retirement System (SMRS) has become the first state pension fund to invest in spot <\/span>Ethereum<\/span><\/a> ETFs (exchange-traded funds) after it bought shares in two Grayscale investment products.<\/span><\/p>\n

In a <\/span>filing<\/span><\/a> with the US Securities and Exchange Commission (SEC), the SMRS disclosed that it holds 460,000 shares in Grayscale’s Ethereum Trust (ETHE), valued at over $10 million, and the same number of shares in Grayscale’s mini Ethereum Trust (ETH), worth more than $1.12 million.<\/span><\/p>\n

\"Bitcoin<\/p>\n

State Of Michigan Retirement System Tops Its BTC ETF Holdings With ETH Investment<\/span><\/h2>\n

Following the disclosure, the SMRS has become one of the top 5 holders of ETHE and ETH shares.<\/span><\/p>\n

”Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m,” said Bloomberg ETF analyst Eric Balchunas in a Nov. 4 post on X. ”This despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”<\/p>\n

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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<\/a><\/p>\n

— Eric Balchunas (@EricBalchunas) November 4, 2024<\/a><\/p><\/blockquote>\n