cryptojournalist
The Michigan Retirement System is making waves by investing in cryptocurrency! Recently, they’ve added Ether exchange-traded funds (ETFs) to their lineup. According to a filing with the SEC on November 4, they now own 460,000 shares each of the Grayscale Ethereum Trust and the Ethereum Mini Trust. This follows their earlier investment in the ARK 21Shares Bitcoin ETF.
How Much Are They Investing?
Currently, the value of their Bitcoin (BTC) and Ethereum (ETH) investments is about $18 million. This is based on Bitcoin’s price of $67,627 and Ethereum’s price of $2,427. Their shares in the ARK 21Shares Bitcoin ETF have also gained around $1 million since June 30, which is great news for their portfolio!
The Bigger Picture on ETFs
The ARK 21Shares Bitcoin ETF was one of the first ETFs tied to Bitcoin approved by the SEC back in January, and they also gave the green light for Ethereum ETFs in May. This growing interest in crypto investments from government funds is notable. For example, South Korea’s pension service has invested around $34 million in MicroStrategy, a company that heavily invests in Bitcoin. Even Florida is considering how to include Bitcoin in its retirement funds.
