Michigan Pension Fund invests $10 million in Ethereum through Grayscale’s ETFs, as revealed by VanEck’s Digital Assets Research Head, Matthew Sigel, in a recent post. The notable nature of this investment was emphasized by Bloomberg analyst Eric Balchunas.
Michigan Pension Fund Purchases $10 Million Worth Of Ethereum
Matthew Sigel stated in a recent post that the State of Michigan has acquired approximately $10 million worth of Ethereum through Ethereum Exchange-Traded Funds (ETFs). He disclosed this information as it was made public in a document filed with the United States Securities and Exchange Commission (SEC).
The disclosure shows that Michigan State owns a total of 920,000 shares across two trusts managed by Grayscale: the Ethereum Trust ETF and the Ethereum Mini Trust, which collectively represent more than $11 million in investments in Ethereum.
It was disclosed that the State of Michigan now ranks among the top five entities holding Grayscale’s Ethereum Trust (ETH) and Ethereum Trust Equity (ETHE) Exchange-Traded Funds, due to their purchases of ETH. Furthermore, they were the pioneering investors in Ethereum ETFs following their launch in July.
Noteworthy is the fact that the Michigan Pension Fund has already ventured into the cryptocurrency market. Earlier this year, they acquired approximately $6.6 million in Bitcoin by purchasing shares in Ark Invest’s Bitcoin ETF.
In recent events, I find myself embarking on an exciting exploration, following closely upon the heels of a recommendation made by Florida’s Chief Financial Officer, Jimmy Patronis. He urged pension funds within our state to contemplate the potential of cryptocurrency investments. This dynamic development has piqued my curiosity and sets the stage for intriguing research opportunities ahead.
Additionally, it was disclosed that the state currently possesses approximately $800 million worth of investments in cryptocurrencies, and there’s a possibility they might expand this investment if Donald Trump wins the upcoming U.S. presidency. Trump has recently pledged to cease Kamala Harris’ Bitcoin-targeting policies and is viewed favorably by many due to his supportive stance on cryptocurrencies.
A “Big Win” For The Second Largest Crypto By Market Cap
Eric Balchunas, an analyst at Bloomberg, pointed out that this recent development was a significant advantage for Ethereum, as it currently stands. This comment was made in light of the Michigan Pension Fund owning over $11 million in Ethereum compared to its $6 million investment in Bitcoin.
Balchunas pointed out that although the price of Bitcoin has significantly increased this year, the state’s pension fund owns more Ethereum than Bitcoin. In fact, Ethereum has been performing better than Bitcoin, which is the largest cryptocurrency by market capitalization, since the beginning of the year.
Bitcoin has seen a substantial 60% increase in value so far this year compared to Ethereum’s more modest 6% gain. The Ethereum-to-Bitcoin exchange rate just reached its lowest point since April 2021, largely due to Ethereum’s underperformance relative to Bitcoin.
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2024-11-04 21:21