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Another U.S. State Announces Cryptocurrency Investment – More Than They’ve…
Another U.S. State Announces Cryptocurrency Investment – Surpassing Its Previous Bitcoin Investment
A state retirement system in the U.S. disclosed in its recent SEC filing that it has made an investment in cryptocurrencies.
Author:
Mete Demiralp
04.11.2024 – 17:46
Update:
24 mins ago
0
The Michigan State Retirement System has attracted attention by announcing a substantial investment in Grayscale’s Ethereum ETF.
This action establishes Michigan as the first state pension fund to possess a stake in an Ethereum-based financial instrument since it started trading in July.
The Michigan pension fund revealed in its third-quarter 13F filing that it owns 460,000 shares of the Grayscale Ethereum Trust, valued at roughly $10 million. This position ranks the fund among the top five holders of Grayscale’s Ethereum ETF, according to Matthew Sigel of VanEck. The fund also disclosed ownership of 460,000 shares of the Grayscale Ethereum Mini Trust ETF (ETH), valued at approximately $1.1 million.
In May, it was reported that the Wisconsin State Investment Board had nearly $100 million in BlackRock’s spot Bitcoin ETF. Similarly, Florida’s chief financial officer recently disclosed that the state has close to $800 million in crypto-related investments, which could potentially increase depending on the results of the forthcoming presidential election.
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Michigan’s latest investment followed its previous disclosure of having about $7 million in spot Bitcoin ETF holdings, indicating an increasing willingness to diversify its portfolio with digital assets.
The decision has elicited criticism from market experts. Bloomberg Senior ETF Analyst Eric Balchunas stated that Michigan’s preference for allocating more funds to Ethereum ETFs than Bitcoin ETFs is noteworthy. “Michigan’s pension fund not only purchased ETH ETFs, but it bought more of them, $7 million versus $10 million, despite BTC and ETH soaring,” Balchunas posted on social media platform X, referring to the action as “a pretty big win for ETH.”
*This is not investment advice.
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