Michigan State Pension Fund Announces $10m Ethereum ETF Holdings

Michigan's state pension fund holds more than $11 million in assets traded on the Ethereum exchange. 13F Michigan State Retirement System to $10 million in Grayscale ETF ETHE and $1.1 million in Grayscale Ethereum Mini Trust ETF (ETH).

A state of Michigan pension fund has announced in a 13F filing that it has acquired and held more than $10 million in Ethereum exchange-traded funds.

In its latest 13F filing, details show that the Michigan State Retirement System disclosed its holdings of the Grayscale Ethereum Trust (ETHE) and the Ethereum Mini Trust ETF (ETH).

According to the filing, Michigan State Pension owns 460,000 shares of ETH worth about $10 million and 460,000 shares of ETH (Mini Trust ETF) worth about $1.1 million.

VanEck Head of Digital Assets Matthew Siegel shared the list below on X.

🚨 Primary Pension Fund Buys #ETH ETF 🚨

Michigan State Files 13F Reveals New ETH ETF Holdings; He became the top 5 owner of $ETH and $ETHE pic.twitter.com/3eYrCh3ldG

— Matthew Sigel, CFA in Recovery (@matthew_sigel) November 4, 2024

State pension fund buying place crypto ETFs

Among these Ethereum ETF holdings, the State of Michigan Pension Fund has become the first entity to disclose ETH ETF holdings.

Notably, the Michigan State Retirement System has already disclosed its Bitcoin ETF holdings, revealing a $7 million position. With a recent 13F filing, the pension fund's Ether ETF position is one larger than the spot BTC ETF.

Commenting on this, Bloomberg's senior ETF analyst Eric Balchunas said it was a “big win” for Ethereum. Especially since the price of BTC has seen a significant increase in price compared to ETH, which has struggled a lot in the last several months.

Balchunas wrote on Ex

“Not only did the Michigan pension buy ether ETFs, they bought more than bitcoin ETFs, $10m vs $7m, despite tons of btc and ether in the gutter. A huge win for ether who could use one.”

After the SEC approved the BTC ETF in January of this year, several US states have announced spot ETF holdings. These include the Wisconsin Board of Investments and the State of Florida's Chief Financial Officer, who revealed in an interview last week that the state's crypto holdings are around $800 million.