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Michigan Joins the Growing List of States Investing in Crypto
Michigan's state pension fund reveals over $10M in Ethereum ETF Holdings.
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Michigan is set to join the list of states like Florida and Wisonsin who are setting aside a good amount of money to invest in crypto.
What’s the Scoop?
- Michigan Pension Funds: The Michigan pension fund disclosed that they hold over $10M worth of Ethereum ETF Holdings, the first state pension fund to do so since the Ethereum ETFs went live.
- Other Holdings: The Michigan Retirement System also previously reported $7 million in Bitcoin ETF investments, showing its ongoing interest in digital assets.
Bankless Take:
While Michigan’s crypto investments may seem small relative to the total pension fund, it’s exciting to see states becoming more willing to allocate funds toward the crypto space. Just last week, Florida announced a significant crypto investment, with their CFO expressing bullish sentiment. Michigan’s position, particularly its larger investment in ETH over BTC, is notable. Is Michigan showing a preference for Ethereum? Time will tell, but this move hints at a growing confidence in crypto’s long-term potential.