- The Michigan State Pension Fund holds more than $11 million in spot Ethereum exchange-traded funds (ETFs).
- A recent 13F filing shows roughly $10 million in the Grayscale Ethereum Trust (ETHE) and about $1.1 million in the Grayscale Ethereum Mini Trust ETF (ETH).
The Michigan State Pension Fund disclosed in a 13F filing that it has acquired and now holds over $10 million in spot Ethereum ETFs.
Details in the latest 13F show the pension system’s holdings in the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust ETF (ETH).
According to the filing, the Michigan State Pension Fund holds 460,000 shares of ETHE valued at about $10 million and 460,000 shares of the ETH mini trust ETF valued at approximately $1.1 million.
Matthew Sigel, Head of Digital Assets at VanEck, shared these details on X.
🚨 First State Pension Fund Buys #ETH ETF 🚨
State of Michigan Files 13F Discloses New ETH ETF Holdings; Becomes Top 5 Holder of $ETH & $ETHE pic.twitter.com/3eYrCh3ldG
— matthew sigel, recovering CFA (@matthew_sigel) November 4, 2024
State Pension Funds Buying Spot Crypto ETFs
With these spot Ethereum ETF holdings, the Michigan State Pension Fund becomes the first state pension fund to disclose ETH ETF positions.
Notably, the fund had already revealed spot Bitcoin ETF holdings, reporting a position of about $7 million. The recent 13F suggests the pension fund’s exposure to Ethereum ETFs now exceeds its spot Bitcoin ETF allocation.
Commenting on the filing, Bloomberg ETF senior analyst Eric Balchunas called the move “a pretty big win” for Ethereum—particularly striking because Bitcoin’s price has risen significantly while Ether has faced challenges in recent months.
Balchunas wrote on X:
“The State of Michigan pension not only bought ETH ETFs, they bought more than BTC ETFs—$10M vs $7M—even though BTC has run a lot and ETH has been in the dumps. A pretty sizable win for ETH that could be meaningful.”
Several U.S. state funds have disclosed spot ETF holdings since the SEC approved Bitcoin ETFs in January. Those disclosures include the Wisconsin Investment Board and Florida’s reported crypto positions—recently estimated by the state’s chief financial officer to be roughly $800 million in crypto assets held by the state.