Michigan’s state pension fund now holds more Ethereum than Bitcoin

Michigan'S State Pension Fund Now Holds More Ethereum Than Bitcoin



The Michigan Retirement System (SMRS) has significantly increased its Ethereum (ETH) holdings, raising its investment to $10 million and surpassing its Bitcoin (BTC) allocation.

The move makes Michigan the first US state pension fund to invest in an Ethereum-based exchange-traded fund (ETF).

Michigan Pension Fund's Crypto Portfolio

SMS, which has more than $13 billion in assets, began exploring cryptocurrency earlier this year as part of a broader diversification strategy.

Ledger

In July, the $6.6 million purchase of ARK 21Shares' Spot Bitcoin ETF entered BTC, more than six months after the Securities and Exchange Commission (SEC) approved the investment product.

According to the most recent SEC filing, SMRS now holds 460,000 shares in Grayscale Ethereum Trust (ETHE), which are worth about $10.07 million. He also owns another $1.12 million worth of Ethereum Mini Trust shares. Combined, these holdings total nearly $11 million in Ethereum-based ETFs alone.

This increased allocation means that SMRS now has more invested in Ethereum than in Bitcoin, as its ARK 21Shares position is valued at approximately $7 million.

More US states are accepting Crypto investment

Michigan's focus on Ethereum shows interest in the broader potential of digital assets among US states. In Florida, Chief Financial Officer Jimmy Patronis recently advocated for Bitcoin to be included in the state's pension system.

In a letter to the Florida State Board of Governors, Patronis cited the state's strong economic performance and history of innovation as reasons to explore bitcoin. The Florida Development Fund has proposed a “Digital Currency Investment Pilot Program” to diversify into such asset classes.

Wisconsin has allocated a small portion of its pension fund to crypto assets. In August, Wisconsin Investment Board (SWIB) increased its holdings in BlackRock iShares Bitcoin Trust (IBIT) by 447,651 shares.

Meanwhile, the Arizona state Senate has advanced legislation to add digital assets to its pension system, while Wyoming and Nebraska have passed laws to attract cryptocurrency mining and establish a regulatory framework for crypto banks.

The Pennsylvania Legislature also recently drafted a “Bitcoin Rights” bill to clarify the state's regulations on digital assets. If signed by Gov. Josh Shapiro, Pennsylvania will join other states in developing its digital asset regulations amid ongoing uncertainty over what the SEC calls “regulation enforcement” policies.

Special Offer (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a $600 exclusive welcome bonus at Binance (full details).

LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a 100 USDT-M position.

Pin It on Pinterest