The State of Michigan Retirement System, an investment fund, has invested $10 million in Ethereum through Grayscale’s Ethereum Trust (ETHE). This shows that the fund now holds more Ethereum than Bitcoin. The fund also purchased $1.1 million in shares from Grayscale’s Ethereum Mini Trust. This comes after the fund recently bought $6.6 million worth of ARK 21Shares Bitcoin ETF.
ETHE is a fractional ownership of Ethereum managed by Grayscale. However, ETHE has experienced significant net outflows since its conversion to an ETF in July 2024. The launch of multiple spot US-based Ethereum ETFs by firms this year, including BlackRock, Fidelity, and Bitwise, has increased competition, particularly when it comes to fees.
