As a seasoned analyst with decades of experience in the financial markets, I must admit that this recent move by the State of Michigan Retirement System to invest in Ether exchange-traded funds (ETFs) is not only forward-thinking but also indicative of a broader trend among institutional investors. The increasing acceptance and legitimization of cryptocurrencies like Bitcoin and Ethereum, especially with regulatory bodies like the SEC, is a testament to their growing significance in the global financial landscape.
According to SEC records, the Michigan Retirement System has invested in Ether exchange-traded funds (ETFs).
In a filing dated November 4th with the Securities and Exchange Commission (SEC), Michigan’s state pension fund announced that it owns 460,000 shares of both the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust. This new investment, as reported on September 30th, further increases the pension fund’s existing exposure to the ARK 21Shares Bitcoin ETF.
As of the release date, the combined worth of the pension fund’s Bitcoin (BTC) and Ether (ETH) holdings was approximately $18 million, assuming Michigan didn’t sell any. Additionally, the value of the 110,000 shares in the ARK 21Shares Bitcoin ETF owned by the pension fund has increased by about $1 million since it was last reported on June 30.
21Shares Bitcoin ETF through ARK, one of the earliest investment tools directly linked to Bitcoin, was approved by the SEC in January for trading on U.S. stock exchanges. Later in May, the SEC also authorized spot Ethereum exchange-traded products for listing and trading.
2024 marked a shift as various U.S. and global government bodies started exploring cryptocurrency investments for their retirement funds.
In simple terms, it has been disclosed that South Korea’s pension system holds approximately $34 million worth of assets tied to MicroStrategy, a company known for its significant investments in Bitcoin. Similarly, authorities in Florida are looking into direct Bitcoin investments for the state’s retirement funds.
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2024-11-04 20:09