The State of Michigan Retirement System (SMRS) has significantly increased its Ethereum (ETH) holdings, raising its investment to $10 million and surpassing its Bitcoin (BTC) allocation.<\/p>\n
This move makes Michigan the first U.S. state pension fund to invest in an Ethereum-based exchange-traded fund (ETF).<\/p>\n
SMRS, which boasts more than $13 billion in assets, began exploring cryptocurrency earlier this year as part of a broader diversification strategy.<\/p>\n
In July, it got into BTC with a $6.6 million purchase of ARK 21Shares\u2019 spot Bitcoin ETF, more than six months after the Securities and Exchanges Commission (SEC) approved the investment product.<\/p>\n
According to a recent SEC filing<\/a>, SMRS now holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at about $10.07 million.\u00a0It also owns another $1.12 million worth of Ethereum Mini Trust shares. Combined, these holdings total nearly $11 million exclusively in Ethereum-based ETFs.<\/p>\n This increased allocation means that SMRS now has more money invested in Ethereum than Bitcoin, given that its ARK 21Shares position is valued at approximately $7 million.<\/p>\n Michigan\u2019s focus on Ethereum reflects a growing interest among U.S. states in the broader potential of digital assets.\u00a0In Florida, Chief Financial Officer Jimmy Patronis recently advocated<\/a> for Bitcoin\u2019s inclusion in the state\u2019s retirement system.<\/p>\n In a letter to the Florida State Board of Administration, Patronis cited<\/a> the state\u2019s strong economic performance and history of innovation as reasons to explore Bitcoin. He proposed a \u201cDigital Currency Investment Pilot Program\u201d to diversify the Florida Growth Fund into such asset classes.<\/p>\n Wisconsin has also allocated a small portion of its pension funds to crypto assets. In August, the State of Wisconsin Investment Board (SWIB) announced<\/a> it had increased its holdings in BlackRock\u2019s iShares Bitcoin Trust (IBIT) by 447,651 shares.<\/p>\n Meanwhile, Arizona\u2019s state Senate has advanced legislation to add digital assets to its retirement system, with Wyoming and Nebraska enacting laws to attract cryptocurrency mining and establish a regulatory framework for crypto banks.<\/p>\n Pennsylvania\u2019s legislative assembly also recently advanced<\/a> a \u201cBitcoin Rights\u201d bill to clarify the state\u2019s regulations on digital assets.\u00a0If Governor Josh Shapiro signs it, Pennsylvania will join other states in setting its digital asset regulations amid ongoing uncertainty perpetuated by policies like the SEC\u2019s \u201cregulation by enforcement\u201d approach.<\/p>\n The post Michigan State Retirement Fund Now Holds More Ethereum Than Bitcoin<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The State of Michigan Retirement System (SMRS) has significantly increased its Ethereum (ETH) holdings, raising its investment to $10 million and surpassing its Bitcoin (BTC) allocation. This move makes Michigan the first U.S. state pension fund to invest in an Ethereum-based exchange-traded fund (ETF). Michigan Pension Fund\u2019s Crypto Portfolio SMRS, which boasts more than $13 […]<\/p>\n","protected":false},"author":0,"featured_media":18153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18152"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18152"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/18153"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}More U.S. States Embrace Crypto Investments<\/h2>\n