• State of Michigan pension fund holds over $11 million in spot Ethereum exchange-traded funds.
• The 13F submitting the State of Michigan Retirement System about $10 million in Grayscale ETF ETHE and $1.1 million in Grayscal Ethereum Mini Belief ETF (ETH).

The State of Michigan pension fund has disclosed in a 13F submitting that it acquired and holds over $10 million in spot Ethereum exchange-traded funds.

Within the newest 13F submitting, particulars present that the State of Michigan Retirement System disclosed its holdings of the Grayscale Ethereum Belief (ETHE) and Ethereum Mini Belief ETF (ETH).

Per the submitting, the Michigan state pension holds 460,000 shares of ETHE price about $10 million and 460,000 shares ETH (the mini belief ETF) price roughly $1.1 million.

VanEck head of digital property Matthew Sigel shared the small print under on X.

🚨 First State Pension Fund Buys #ETH ETF 🚨

State of Michigan Information 13F Discloses New ETH ETF Holdings; Turns into Prime 5 Holder of $ETH & $ETHE pic.twitter.com/3eYrCh3ldG

— matthew sigel, recovering CFA (@matthew_sigel) November 4, 2024

State pension funds shopping for spot crypto ETFs

With these spot Ethereum ETF holdings, the State of Michigan pension fund has change into the primary such entity to reveal an ETH ETF holding.

Notably, the State of Michigan Retirement System already disclosed its spot Bitcoin ETF holdings, revealing a $7 million place. Going by the newest 13F submitting, the pension fund’s ether ETFs place is larger than its spot BTC ETF one.

Commenting on this, Bloomberg senior ETF analyst Eric Balchunas stated it’s a “big win” for Ethereum. Particularly, it’s as a result of BTC price has seen large price features in comparison with ETH which has struggled lots over the past a number of months.

Balchunas wrote in a put up on X:

“Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”

A number of US states have disclosed spot ETF holdings since SEC permitted BTC ETFs in January this yr. These embrace the State of Wisconsin Funding Board and Florida, whose chief monetary officer revealed in an interview final week that the state’s crypto holdings are round $800 million.