insidebitcoins.com
The State of Michigan Retirement System (SMRS) has become the first state pension fund to invest in spot Ethereum ETFs (exchange-traded funds) after it bought shares in two Grayscale investment products.
In a filing with the US Securities and Exchange Commission (SEC), the SMRS disclosed that it holds 460,000 shares in Grayscale’s Ethereum Trust (ETHE), valued at over $10 million, and the same number of shares in Grayscale’s mini Ethereum Trust (ETH), worth more than $1.12 million.
State Of Michigan Retirement System Tops Its BTC ETF Holdings With ETH Investment
Following the disclosure, the SMRS has become one of the top 5 holders of ETHE and ETH shares.
”Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m,” said Bloomberg ETF analyst Eric Balchunas in a Nov. 4 post on X. ”This despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”
Not only did Michigan's pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one. https://t.co/0E6O6pKK8S
— Eric Balchunas (@EricBalchunas) November 4, 2024
The filing shows that the SMRS also holds 110,000 shares in the ARK 21 Shares Bitcoin ETF, worth more than $6.98 million.
Spot Ethereum ETFs Bleed Ahead Of The US Election
Spot Ethereum ETFs in the US suffered substantial outflows during yesterday’s trading session. Farside Investor data shows that spot ETH ETFs recorded $63.2 million net outflows on Nov. 4.
Many of the funds failed to register new flows, with BlackRock’s ETHA being the only fund to record positive flows on the day.
However, ETHA’s positive performance was overshadowed by the outflows posted by Fidelity’s FETH and Grayscale’s ETHE. FETH saw $31.5 million leave its reserves, while ETHE extended its negative flow streak to 3 days after suffering a $10.8 million blow.
Yesterday also marked the second consecutive day of net outflows for the US spot Ethereum ETFs.