Michigan becomes first state pension fund to invest in Ethereum ETFs with $11M stake

Alongside its new Ethereum investment, the state still holds its Bitcoin stake of 110,000 shares.

Key Takeaways

• Michigan becomes the first US state pension fund to invest in Ethereum ETFs with an $11 million stake.
• State pension funds have historically focused on Bitcoin, but Michigan's move signals growing interest in Ethereum.

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The State of Michigan Retirement System has become the first US state pension fund to invest in an Ethereum ETF, disclosing an $11 million stake in Grayscale’s Ethereum trusts in an SEC filing.

According to the latest SEC filing, Michigan’s pension fund holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at approximately $10.07 million, along with an additional 460,000 shares in the Grayscale Ethereum Mini Trust, worth around $1.12 million.

Together, these positions total nearly $11 million dedicated exclusively to Ethereum ETFs, setting Michigan apart as most state pension funds have primarily focused on Bitcoin investments.

In addition to its Ethereum holdings, Michigan continues to maintain its Bitcoin investment with 110,000 shares in the ARK 21Shares Bitcoin ETF, valued at approximately $7 million, as disclosed in its latest SEC filing.

Jimmy Patronis recently advocated for including Bitcoin in Florida’s state retirement system, signaling that many states are eyeing crypto as a viable investment for pension funds.

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