Michigan State Pension Fund has made a strategic investment of $10 million in Grayscale's Ethereum Trust (ETHE), marking a significant shift towards Ethereum over Bitcoin in their portfolio. This move includes an additional $1.1 million investment in Ethereum Mini Trust.
This investment marks the pension fund as the first US state pension fund to allocate funds into ETH ETFs, showcasing a growing confidence in Ethereum's potential and its position as a viable investment asset.
Previously, in July, the fund had placed $6.6 million in ARK 21Shares Bitcoin ETF, indicating its ongoing interest in digital asset investment products. This move aligns with the trend of increasing institutional investment in digital currencies.
