The Michigan State Retirement System, which oversees $13.6 billion in pension fund assets, has begun diversifying its crypto holdings following its foray into the asset class earlier this year.
as if 13-F In a Monday filing with the Securities and Exchange Commission, the sovereign wealth fund said it has acquired $10 million worth of shares from Grayscale Ethereum Trust (ETHE).
Interestingly, even though the fund was approved by the securities regulator several months ago, the fund now owns more Ethereum than Bitcoin.
Monday's filings show the fund raised an additional $1.1 million in shares from digital asset manager Ethereum Mini Trust.
It also marks the first US state pension fund to invest in Ethereum ETFs, giving crypto enthusiasts confidence that the asset is becoming more entrenched in the traditional financial world.
Following the fund's recent acquisition. 6.6 million dollars The ARK 21Shares Bitcoin ETF went public in July, following SEC regulatory approval for the investment vehicle in January.
ETHE represents fractional ownership of Ethereum held by Grayscale on behalf of Trust Shareholders. Each share provides indirect exposure to Ethereum's performance without requiring direct ownership.
ETHE experienced massive net outflows after converting to an ETF in July 2024. On its first day of trading, the main grayscale Ethereum fund saw $484 million in outflows, and by early August, total outflows exceeded $2 billion. Data From SoSoValue shows.
The launch of several US-based Ethereum ETFs this year by firms including BlackRock, Fidelity and Bitwise has made it even more competitive, especially when it comes to fees.
While ETHE charges 2.5%, rivals BlackRock ( ETHA ) and Fidelity ( FETH ) are expected to charge 0.12% and 0.25%, respectively, after their proposed December 31 fee freeze expires.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
