The State of Michigan Retirement System, overseeing $13.6 billion in pension fund assets, has begun diversifying its crypto holdings following its foray into the asset class earlier this year.

In a 13-F disclosure filed Monday with the Securities and Exchange Commission, the state fund revealed it has picked up $10 million worth of shares from Grayscale’s Ethereum Trust (ETHE).

What’s surprising is that the fund now owns more Ethereum than Bitcoin, despite the latter being approved first by the securities regulator many months in advance.

Monday’s records also show the fund scooped a further $1.1 million worth of shares from the digital asset manager’s Ethereum Mini Trust.

It follows the fund’s recent purchase of $6.6 million worth of ARK 21Shares Bitcoin ETF in July, which followed the SEC's regulatory approval of the asset class for the investment vehicle in January.

ETHE represents a fractional ownership of Ethereum held by Grayscale on behalf of the trust’s shareholders. Each share gives indirect exposure to the performance of Ethereum without the need for direct ownership.

ETHE has experienced significant net outflows since its conversion to an ETF in July 2024. On its first trading day, Grayscale’s flagship Ethereum fund saw outflows of $484 million, and by early August, total outflows had exceeded $2 billion, data from SoSoValue shows.

The launch of multiple spot US-based Ethereum ETFs by firms this year, including BlackRock, Fidelity, and Bitwise, has all but intensified competition, particularly when it comes to fees.

While ETHE charges 2.5%, rivals BlackRock (ETHA) and Fidelity (FETH) are expected to charge 0.12% and 0.25% following the expiration of their fee waiver slated for December 31.

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