Previously, Michigan invested $7 million in the spot BTC ETF.

Source: cryptoslate

Compiled by: Blockchain Knight

The State of Michigan Retirement System disclosed an exposure of over $11 million in spot Ethereum ETF in its latest 13-F filing.

As a result, Michigan becomes the first state to invest in Ethereum, currently holding a significant position in the Ethereum ETF. 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), amounting 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 the state pension fund the fourth-largest and second-largest holder of these fund shares, respectively.

The 13-F form shows that the Michigan pension fund reported in its latest 13-F filing that it still holds shares of the ARK21 Shares Bitcoin ETF (ARKB).

With the rise in BTC prices, as of September 30, its holdings amount to nearly $7 million.

Notably, with the addition of the Ethereum ETF, as of the end of the third quarter, the state's exposure to ETH has surpassed that of BTC.

Bloomberg's senior ETF analyst Eric Balchunas stated, "The investment by the state pension fund is a 'significant victory' for Ethereum."

"Despite Ethereum's lackluster annual price performance compared to BTC, the fund decided to increase its investment in Ethereum."

In addition to the Michigan pension fund, the Wisconsin Investment Board also reported an investment of $164 million in BTC through ETFs. Politicians in Jersey City and Florida have also publicly mentioned adding BTC to their pension funds this year.

This is why Balchunas believes that "the attention of state pension funds on Ethereum ETFs is a major victory."

When comparing the ETF inflows of Ethereum and BTC, the performance gap between them is also evident. The annual inflow for BTC ETFs traded in the U.S. is $24.2 billion, while Ethereum ETFs have seen nearly $480 million in negative net flows.

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 severely underestimated, so Ethereum ETFs may face the same situation."

Geraci reiterated his view on November 3, adding that the inflow of funds into Ethereum ETFs traded in the U.S. starting to rebound is just a "matter of time."

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