The State of Michigan Retirement System has invested over $11 million in spot Ethereum (ETH) exchange-traded funds (ETF), making it the first state to invest in Ethereum and the largest holder of these funds’ shares. This comes after the state pension fund invested $7 million in spot Bitcoin ETFs earlier this year.
The Michigan state pension fund holds 460,000 Grayscale Ethereum Fund shares worth $10 million and 460,000 shares of the Ethereum Mini Trust valued at $1.1 million. Bloomberg analyst Eric Balchunas considers the state pension fund’s investment a “pretty big win” for Ethereum.
