Following the reveal of its significant Bitcoin ETF holdings, the State of Michigan pension fund has also disclosed a notable $10 million investment in Ethereum ETFs. Indeed, the state has become one of the first to report significant holdings in the ETH investment vehicle.
Spot Ethereum ETFs were approved in July of this year, becoming the second crypto-based ETF in the United States. They followed in Bitcoin’s footsteps, with the leading cryptocurrency breaking through to become the first ETF of its kind in January of this year.
Source: CNBC
Also Read: Michigan Pension Fund Discloses $6.9M Investment in Bitcoin ETF
Michigan Pension Fund Reports Ethereum ETF Holdings That Exceed Its Bitcoin Allocation
2024 has been massive for Crypto and its continued development, specifically in the realm of institutional investment. The arrival of exchange-traded funds has opened a brand new door for the asset class. Now, companies and even states are observing the best route to take regarding potential exposure.
One state that has fully embraced the technology is Michigan, whose pension fund has disclosed investment in both Bitcoin ETFs and Ethereum ETFs. Earlier this week, a filing with the US Securities and Exchange Commission (SEC) disclosed a $6.9 million investment into the BTC investment product.
Also Read: Ethereum: Analyst Finds Pattern That May Take ETH To $10,000
Although that was where many assumed the digital asset exposure stopped, it certainly was not. Additionally, Bloomberg analyst and reporter Eric Balchunas recently discussed the groundbreaking investment. In a post to X (formerly Twitter), he noted that the move was a massive win for crypto.
“Not only did Michigan’s pension buy Ether ETFs, but they bought more than they did of Bitcoin ETFs,” Balchunas said. Moreover, he noted the purchase occurred
despite BTC being up a ton and ether in the gutter.” Altogether, he noted the move as a “pretty big win for Ether, which could use one.”
