Michigan Makes History As First State Pension Fund To Invest In Spot Ethereum ETFs Via Grayscale
Release: 2024/11/05 18:39 Reading: 732
Michigan Retirement System Ventures into Ethereum ETFs with Spot Ethereum Purchases
The State of Michigan Retirement System (SMRS) has made history by becoming the first state pension fund to invest in spot Ethereum exchange-traded funds (ETFs). This investment involves the purchase of shares in two Grayscale investment products:
- Grayscale Ethereum Trust (ETHE): 460,000 shares, valued at over $10 million
- Grayscale Mini Ethereum Trust (ETH): 460,000 shares, worth more than $1.12 million
This disclosure places SMRS among the top five shareholders of ETHE and ETH shares. Notably, SMRS's Ethereum ETF holdings exceed its investment in Bitcoin ETFs, highlighting the growing institutional interest in Ethereum.
SMRS also owns 110,000 shares in the ARK 21 Shares Bitcoin ETF, valued at over $6.98 million.
Spot Ethereum ETFs Witness Outflows Ahead of US Election
In related news, spot Ethereum ETFs in the US have experienced significant outflows during recent trading sessions. Farside Investor data indicates that spot ETH ETFs saw net outflows of $63.2 million on November 4th.
Several funds, including BlackRock's ETHA, registered no new flows. However, ETHA's inflows were overshadowed by outflows in Fidelity's FETH and Grayscale's ETHE. FETH witnessed outflows of $31.5 million, while ETHE extended its negative flow streak to three days, losing $10.8 million.
This marks the second consecutive day of net outflows for US spot Ethereum ETFs.
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