- Michigan pension fund reveals substantial Ethereum ETF investment.
- ETH continues to struggle under a bearish stronghold.
In a groundbreaking move, Michigan has become the first US state pension fund to invest in an Ethereum [ETH] ETF.
Matthew Sigel, Head of digital assets research at VanEck took to X and shared that the State of Michigan is now among the top five holders of both Grayscale Ethereum Trust Fund ($ETHE) and Grayscale’s Ethereum Mini Trust ($ETH).
Source: Matthew Sigel/X
Michigan pension fund’s ETH holdings
According to a recent 13F filing with the SEC, Michigan’s pension fund disclosed that it held approximately 460,000 shares in the Grayscale Ethereum Trust, valued at around $10.07 million. Additionally, the fund owned 460,000 shares in the Grayscale Ethereum Mini Trust, worth roughly $1.12 million.
Beyond Ethereum, Michigan has also invested in Bitcoin [BTC]. The fund holds 110,000 shares of the ARK 21Shares Bitcoin ETF, valued at approximately $7 million.This strategic investment underscores Michigan’s commitment to diversifying its portfolio with digital assets.
The current landscape of Ethereum ETFs
Notably, ETH ETFs’
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Author: Kamina Gilani
