The State of Michigan Retirement System, overseeing $13.6 billion in pension fund assets, has begun diversifying its crypto holdings following its foray into the asset class earlier this year.

In a 13-F disclosure filed Monday with the Securities and Exchange Commission, the state fund revealed it has picked up $10 million worth of shares from Grayscale’s Ethereum Trust (ETHE).

What’s surprising is that the fund now owns more Ethereum than Bitcoin, despite the latter being approved first by the securities regulator many months in advance.

Monday’s records show the fund scooped a further $1.1 million worth of shares from the digital asset manager’s Ethereum Mini Trust.

It also marks the first U.S. state pension fund to invest in Ethereum ETFs, providing crypto enthusiasts with confidence the asset is becoming more entrenched in the traditional financial world.

It follows the fund’s recent purchase of $6.6 million worth of ARK 21Shares Bitcoin ETF in Jul

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Author: Sebastian Sinclair