The post Ethereum ETF: Michigan Pension Fund Blows The Chart With New Buyup appeared on BitcoinEthereumNews.com.

A new 13-F filing shows that the State of Michigan Retirement System has a huge holding in the Ethereum ETF. The pension agency holds 460,000 shares of the Grayscale Ethereum Trust (ETHE). By the end of the third quarter, the holding had grown to a valuation of $10 million. Michigan Pension Fund Favors Ethereum ETF Over BTC This new investment makes it the first pension fund to make such a move since the Ethereum ETFs launched in America. Additionally, the Michigan Pension Fund has become one of the top five holders of the fund. In addition to the ETHE holding, the agency holds 460,000 Grayscale Ethereum Mini Trust ETF (ETH) shares. Notably, its exposure to ETH is equivalent to about $1.1 million. – Advertisement – Eric Balchunas, a Senior ETF analyst at Bloomberg, pointed out that Michigan Pension Funds’ Ether ETF far outweighs its Bitcoin ETF. As a result, he tagged it as a big win, which Ethereum needs. “Not only did Michigan’s pension buy ether ETFs, but they bought more than they did of bitcoin ETFs, $10 million vs $7 million, this despite BTC being up a ton and ether in the gutter,” Balchunas explained. Michigan Pension Fund Buyup: The Reactions X user Dude thought it wise to mention that Michigan Pension Fund’s choice to bag more Ethereum ETFs than its Bitcoin counterpart does not change the degree of dominance between the two underlying cryptocurrencies. He pointed out that Bitcoin ETF products have a larger share of dominance, as evidenced by the volume of inflows that it consistently records. Many US states and pension funds have long demonstrated their appetite for crypto-based investments. About six months ago, information about the State of Wisconsin Investment Board’s spot Bitcoin ETF exposure came to the limelight. Notably, the board held up to $100 million of…

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Filed under: News - @ November 5, 2024 1:26 am