Hold on to your hats, crypto enthusiasts! Michigan is diving headfirst into the world of digital currency, shaking things up in the U.S. state pension fund scene. The State of Michigan Retirement System (SMRS) has made a bold move by ramping up its Ethereum investments to a whopping $10 million, leaving its Bitcoin holdings in the dust.
This trailblazing decision makes Michigan the very first U.S. state pension fund to jump on the Ethereum-based ETF bandwagon. With a hefty $13 billion in assets, SMRS is not just dabbling in crypto; it's part of a grander plan to mix up its portfolio.
Earlier this year, they dipped their toes into Bitcoin waters with a $6.6 million splash, thanks to the ARK 21Shares’ spot Bitcoin ETF, marking a significant SEC-approved milestone. But now, they're all in on Ethereum, holding a staggering 460,000 shares in the Grayscale Ethereum Trust, valued at over $10 million, plus some extra goodies in Ethereum Mini Trust shares, bringing their Ethereum treasure chest to nearly $11 million.
It seems Michigan's got a bigger crush on Ethereum than Bitcoin, with their Bitcoin investment sitting at just around $7 million. This shift in focus reflects a nationwide curiosity about the digital asset universe. Florida's Chief Financial Officer, Jimmy Patronis, is even rallying for Bitcoin to be part of their retirement system, suggesting a “Digital Currency Investment Pilot Program” to spice things up in the Florida Growth Fund.
Wisconsin isn't sitting on the sidelines either. They've upped their crypto game with more shares in BlackRock’s iShares Bitcoin Trust. Arizona's state Senate is also making moves, advancing legislation to welcome digital assets into its retirement system, while states like Wyoming and Nebraska are rolling out the red carpet for cryptocurrency mining and crafting frameworks for crypto banks.
Not to be left out, Pennsylvania's legislative assembly is pushing a “Bitcoin Rights” bill to clear up the digital asset rulebook. If Governor Josh Shapiro gives it the thumbs up, Pennsylvania will join the ranks of states carving out their own path in the complex crypto landscape. Get ready, because the digital currency train is picking up steam across the U.S.!
