Michigan pension fund invests $10M in Ethereum ETF, marking a first for U.S. state funds. Despite institutional interest, ETH remains bearish.
the State of Michigan is now among the top five holders of both Grayscale Ethereum Trust Fund and Grayscale’s Ethereum Mini Trust .with the SEC, Michigan’s pension fund disclosed that it held approximately 460,000 shares in the Grayscale Ethereum Trust, valued at around $10.07 million.
Specifically, Grayscale’s ETHE fund recorded outflows of 14,673 ETH, amounting to over $35 million. Nonetheless, at press time, the fund still held a considerable 1,576,248 ETH, worth roughly $3.84 billion.from Fraside Investors indicated a total cumulative net outflow of over $500 million, suggesting broader caution around Ethereum ETFs despite significant purchases by entities such as Michigan.
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