The state of Michigan on Monday disclosed significant investments in exchange-traded funds (ETFs) for Bitcoin and Ethereum in a 13F filing with the U.S. Securities and Exchange Commission (SEC).
This strategic move represents an important step for institutional investment in digital assets, as the Michigan Retirement System manages approximately $144 million in State Employees Retirement Fund assets.
Michigan becomes first state pension fund to invest in Ethereum ETF
Michigan Retirement System It has been detected An investment of over $6.9 million in the ARK/21Shares Bitcoin ETF, equivalent to approximately 110,000 shares of the fund.
Furthermore, Michigan became the first state pension fund to invest in an ETF containing Ethereum, further diversifying its cryptocurrency portfolio. Matthew Siegel, head of digital asset research at VanEck, noted that Michigan has now entered the ranks of the top five holders of Ethereum and Grayscale. Ethereum trust (She said).
Bloomberg ETFs Expert Eric Balchunas Highlight Michigan’s large investment in Ethereum ETFs, amounting to $10 million, exceeds its investment in Bitcoin ETFs.
In contrast, the Wisconsin Investment Board, which manages the $156 billion retirement system, has previously… It has been detected Holdings are in Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust.
These disclosures are part of our quarterly 13F filings, which provide a snapshot of institutional investment strategies about 45 days after the end of each quarter.
Spot Bitcoin ETFs Hit Six-Month High
Demand for spot Bitcoin ETFs has surged rose to the highest level in six months, indicating strong interest in Bitcoin as an investment vehicle. However, Ethereum ETFs have yet to replicate this success in the US market.
Despite a strong performance during October, Bitcoin ETFs faced challenges at the beginning of November, hitting a decline Reported net outflows Valued at $54.9 million on November 1.
Fidelity’s FBTC accounted for nearly half of this outflow, totaling about $25.64 million, while ARK & 21Shares’ ARKB saw a similar decline of $24.13 million.
Grayscale’s GBTC, traditionally associated with capital outflows, recorded only $5.51 million in outflows, indicating relative stability compared to previous trends.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) has not registered anything flow Or the outflow on November 1, which represents a pause after 14 consecutive days of capital outflow. Before that, IBIT saw a huge inflow of $872 million on October 30.
At the time of writing, the largest cryptocurrency on the market, Bitcoin, is trading at $67,970, down nearly 2% in 24 hours. On the other hand, Ethereum price fell by 3% during the same period, trading at $2,407.
Featured image of DALL-E, chart from TradingView.com