The State of Michigan Retirement System has added exposure to Ether exchange-traded funds (ETFs), according to a United States Securities and Exchange Commission (SEC) filing.
In a Nov. 4 SEC filing, Michigan’s state pension fund disclosed holding 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust. The investment, reporting for Sept. 30, added to the fund’s previously disclosed exposure to the ARK 21Shares Bitcoin ETF.
At the time of publication, the total value of the Bitcoin (BTC) and Ether (ETH) investments was roughly $18 million if Michigan maintained its holdings. The value of the 110,000 shares of the ARK 21Shares Bitcoin ETF held by the pension fund increased by roughly $1 million since being reported on June 30.
The ARK 21Shares Bitcoin ETF was one of the first spot investment vehicles tied to BTC that the SEC approved for listing and trading on US exchanges in January. The regular followed with greenlighting spot ETH exchange-traded products in May.
2024 saw some government entities in the US and internationally turn to cryptocurrency investments for pension funds.
South Korea’s pension service reported roughly $34 million in exposure to MicroStrategy, which heavily invests in Bitcoin. Officials in Florida have also made efforts to have the state’s retirement funds invest directly in BTC.
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