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US State Announces Unprecedented Cryptocurrency Investment
A state retirement system in the US has revealed in its latest SEC filing an investment in cryptocurrency, surpassing all prior Bitcoin investments.
Author:
Mete Demiralp
04.11.2024 – 17:46
Update:
24 mins ago
The Michigan State Retirement System is making news due to its significant investment in Grayscale’s Ethereum ETF, making it the first state pension fund to hold a stake in an Ethereum-based financial product since its market launch in July.
The Michigan pension fund disclosed in its third-quarter 13F filing that it owns 460,000 shares of the Grayscale Ethereum Trust, with an estimated value of approximately $10 million. According to Matthew Sigel of VanEck, this places the fund among the top five holders of Grayscale’s Ethereum ETF. The fund also revealed that it owns 460,000 shares of the Grayscale Ethereum Mini Trust ETF (ETH), valued at around $1.1 million.
In May, it was reported that the Wisconsin State Investment Board held nearly $100 million in BlackRock’s spot Bitcoin ETF. Similarly, Florida’s Chief Financial Officer recently disclosed that the state holds nearly $800 million in crypto-related investments, with potential for growth depending on the upcoming presidential election’s outcome.
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Michigan’s latest investment comes after disclosing that it previously held around $7 million worth of spot Bitcoin ETFs, indicating an increasing willingness to diversify its portfolio with digital assets.
This decision has faced criticism from market experts. Bloomberg Senior ETF Analyst Eric Balchunas stated that Michigan’s preference for allocating more funds to Ethereum ETFs over Bitcoin ETFs is noteworthy. “Michigan’s pension fund not only bought 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, describing the decision as “a pretty big win for ETH.”
*This is not investment advice.
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