Source: cryptoslate
Translated by: Blockchain Knight
The State of Michigan Retirement System disclosed an exposure of over $11 million in spot Ethereum ETFs in its latest 13-F filing.
Thus, Michigan became the first state to invest in Ethereum and currently holds a significant position in Ethereum ETFs. Previously, Michigan invested $7 million in the spot BTC ETF.
As of September 30, the Michigan pension fund held 460,000 shares of the Grayscale Ethereum Fund (ETHE), equivalent to $10 million.
Additionally, the fund also holds 460,000 shares of Grayscale's Ethereum Mini Trust, equivalent to $1.1 million.
Matthew Sigel, head of digital asset research at VanEck, emphasized that this makes national pensions the fourth and second largest holders of these fund shares, respectively.
Form 13-F shows that the Michigan pension fund reported that it still holds shares of ARK21 Shares Bitcoin ETF (ARKB) in its latest 13-F filing.
With the rise in BTC prices, as of September 30, the amount held is close to $7 million.
It is noteworthy that with the addition of Ethereum ETFs, as of the end of the third quarter, the Treasury's exposure to ETH has exceeded that of BTC.
Bloomberg's senior ETF analyst Eric Balchunas stated, 'The investment from national pension funds is a 'significant win' for Ethereum.'
'Despite Ethereum's lackluster annual price performance compared to BTC, the fund has decided to increase its investment in Ethereum.'
In addition, besides the Michigan pension fund, the Wisconsin Investment Board also reported an investment of $164 million in BTC through ETFs. Politicians from Jersey City and Florida have also publicly mentioned adding BTC to their pension funds this year.
This is why Balchunas believes 'the attention from state pension funds towards Ethereum ETFs is a major victory'.
When comparing the inflows of Ethereum and BTC ETFs, the performance gap between them can also be seen. The annual inflow for BTC ETFs traded in the U.S. is $24.2 billion, while Ethereum ETFs have seen a negative net flow of nearly $480 million.
ETFStore CEO Nate Geraci predicted in March that Ethereum ETFs would be 'larger than the market expects'.
Geraci explained, 'The demand for BTC ETFs has also been seriously underestimated, so Ethereum ETFs may encounter the same situation.'
Geraci reiterated his view on November 3, adding that the inflow of Ethereum ETF funds traded in the U.S. is only a matter of 'time'.
