Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings

Murtuza Merchant

November 04, 2024

The Michigan State Pension Fund has invested $10 million in Grayscale's Ethereum ETFs (NYSE:ETHE), making it one of the top holders of the product.

What Happened: According to an SEC filing, this investment surpasses Michigan's $7 million allocation in Bitcoin (CRYPTO: BTC) ETFs, marking a notable shift in institutional interest.

Meanwhile, CoinShares’ report on Monday shows that digital asset investment products witnessed substantial inflows of $2.2 billion last week, pushing year-to-date inflows to a record $29.2 billion.

This spike coincides with increasing market anticipation of a potential Republican win in the U.S. presidential election.

The surge has pushed the total assets under management (AuM) in digital assets to over $100 billion, levels previously seen only in early June 2024.

Bitcoin was the primary beneficiary, securing $2.2 billion of the weekly inflows, alongside $8.9 million directed to short-Bitcoin products.

Also Read: $61,000 Is Bitcoin’ Line In The Sand For ETF Demand To Remain Steady, Says Analyst

In comparison, Ethereum (CRYPTO: ETH) saw comparatively modest inflows of $9.5 million, signaling more measured interest among investors.

Solana (CRYPTO: SOL) also gained traction, drawing in $5.7 million in inflows, while other altcoins such as Polkadot (CRYPTO: DOT) and Arbitrum (CRYPTO: ARB) recorded smaller amounts.

Regionally, the United States led with $2.2 billion in inflows, reinforcing the link between domestic political sentiment and investment behavior.

CoinShares noted that while initial enthusiasm drove the surge, minor outflows occurred on Friday as polls indicated potential shifts in the election’s outcome. This sensitivity points to the broader influence of U.S. political developments on the cryptocurrency market.

What’s Next: The implications of these institutional investment patterns and their potential impact on digital asset markets will be a focal discussion at Benzinga’s Future of Digital Assets event on Nov. 19.

Read Next:

Bitcoin Could Hit $90,000 If Trump Wins, Hold $50,000 Floor Under Harris: Bernstein

Image: Shutterstock

Recommended

America's Top Crypto Expert's Next Big Prediction - Ad

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Popular

Bill Ackman's Google Trade Is Crushing It—Up $1.3 Billion And Climbing

Billionaire Bill Ackman bet big on Alphabet in 2023. Here's a look at his stake and how the position has gained since the end of the second quarter.

Five 2026 vehicles you should absolutely wait for

Don’t buy that new car yet. If you can wait, you’ll have new 2026 model year options that aren’t out yet. Although some models barely change, others are completely redesigned and often get the latest features and improvements. Whether you’re interested in improved fuel economy, cutting-edge technology, or maybe just fresh and distinctive styling, there’s likely a car on the horizon that you’ll be interested in. To ensure you don’t miss out on the latest and greatest, the car experts at Edmunds highlight five vehicles you should consider waiting for.

The Real Brains Behind AI Machines

The Real Brains Behind AI Machines - Ad

AI needs more than algorithms. It needs hardware that can think and move - without melting your data center. This one company designs the most efficient chips on the planet, used in billions of devices. And it just helped launch new AI processors for data centers and robotics.

Gold prices have tumbled from recent records. What's behind the losses?

NEW YORK (AP) — Less than a day after to another record high, prices for the precious metal plunged — marking the biggest sell-off in years.

Trump's $300 Million White House Ballroom Could Soon Bear A Very Familiar Name

President Donald Trump is reportedly planning to name his new $300 million White House ballroom after himself.

Why Is This "Hidden" Stock So Important to the US Government?

Why Is This "Hidden" Stock So Important to the US Government? - Ad

After blocking a $40B buyout from NVIDIA, the U.S. quietly let this chip firm IPO. Why? Because it's now seen as a national security asset - and a critical AI supplier. As tensions with China rise, its value to the West is skyrocketing.

Cathie Wood Dumps $3.7 Million Of Palantir Stock Despite AI Boom — Here's What She's Buying Instead

Ark Invest boosted positions in Qualcomm and BYD, while trimming Palantir and Shopify. Ark also acquired shares of China's BYD despite recent recall.

Bloom Energy Stock Surges Nearly 17% In Wednesday Pre-Market: What's Going On?

Shares of Bloom Energy Corp soared 18.68% in pre-market trading on Wednesday as third-quarter results surpassed analyst estimates.

Nvidia CEO: E.I. Will Be as Common as Cars Today

Nvidia CEO: E.I. Will Be as Common as Cars Today - Ad

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

Michael Saylor Targets $150,000 For Bitcoin As Strategy Breaks New Ground With S&P Rating

Strategy (NASDAQ:MSTR) Chairman Michael Saylor celebrated a landmark moment as his firm became the first Bitcoin (CRYPTO: BTC)-focused company to receive an S&P credit rating, marking a new chapter for

Shaquille O'Neal's $180,000 Range Rover Stolen in Suspected Hacker Heist

The custom Range Rover belonging to Shaquille O'Neal has been stolen, reportedly due to a cyber attack.

Bitcoin's Pullback Could Be Your Gain

Bitcoin's Pullback Could Be Your Gain - Ad

More than 70 cryptos have recently outperformed Bitcoin and it's not the first time. During crypto's last bull market the top 100 coins NOT named Bitcoin went up by 174%. Now the signs show that it's happening again. This could be a chance to strike gold in some far corners of the crypto market.

Taiwan Didn't Steal US Chip Jobs, It Helped Create Them, Says Tech Insider

Taiwan Semiconductor Manufacturing Co stands at the heart of global chip production, powering US tech giants and fueling growth.

The stock market is breaking records. Time for a gut check

NEW YORK (AP) — Almost everything in your 401(k) should be coming up a winner now. That makes it time for a gut check.

The Tesla Shock Nobody Sees Coming

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as January 29.

2,000 mink released from Iowa farm in what trade group calls 'terrorist act'

One or more intruders broke into an Iowa mink farm and released 2,000 of the furbearing animals in what a trade group called a “terrorist act” under federal law.

State-run Pakistan International Airlines resumes UK flights after 5-year ban

ISLAMABAD (AP) — State-run Pakistan International Airlines resumed flights to the United Kingdom on Saturday for the first time in five years following the lifting of a ban imposed over a fake pilot license scandal.

$400 Billion Infrastructure Surge Underway!!

$400 Billion Infrastructure Surge Underway!! - Ad

AI isn't slowing down - it's expanding into the physical world. A $400 billion buildout of data centers and robotics systems has begun. And one unknown public company is powering the backbone.

How To Earn $500 A Month From Microsoft Stock Ahead Of Q1 Earnings

Microsoft Corporation (NASDAQ: MSFT) to release Q1 earnings on Oct. 29. Analysts expect $3.66 EPS and $75.39B revenue. Company signs agreement with OpenAI and offers 0.67% annual dividend yield.

Eli Lilly's Oral Weight Loss Drug Shows Superiority Over Two Approved Drugs

Orforglipron meets key endpoints in Phase 3 trials, showing A1C reduction, weight loss, and cardiovascular benefits for type 2 diabetes.

Why Are 21 Billionaires Moving Their Money ASAP?

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

Energy Fuels (UUUU) Stock Is Rising Tuesday: What's Fueling The Surge?

Energy Fuels shares are trading higher on Tuesday alongside Cameco Corp, which announced a strategic partnership with the U.S. government.

Elizabeth Warren And Adam Schiff Introduce Senate Resolution Condemning Trump's Pardon Of Changpeng Zhao

Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-CA) are introducing a Senate resolution condemning President Donald Trump‘s pardon of Binance (CRYPTO: BNB) founder

America's Top Crypto Expert's Next Big Prediction

America's Top Crypto Expert's Next Big Prediction - Ad

Juan Villaverde used his crypto timing model to call every bull and bear market in crypto since 2012. Now his model is alerting him to the next set of coins with huge potential, all thanks to a massive shift inside the world of crypto.

LKQ Corp Reveals German Solar Power Partnership

LKQ shares rose after it announced a 20-year solar power deal in Germany, advancing its sustainability and emissions goals.

‘Chainsaw Man’ anime film topples Springsteen biopic and ‘Black Phone 2’ at the box office

LOS ANGELES (AP) — A big-screen adaptation of the popular anime “Chainsaw Man” has beaten out a biopic about the Boss and the horror sequel “Black Phone 2” to top the .

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Journalists turn in access badges, exit Pentagon rather than agree to new reporting rules

WASHINGTON (AP) — Dozens of reporters turned in access badges and exited the Pentagon on Wednesday rather than agree to government-imposed , pushing journalists who cover the American military further from the seat of its power. The U.S. government has called the new rules “common sense.”

Microsoft's quarterly sales and profit surge, beating Wall Street expectations

REDMOND, Wash. (AP) — Microsoft on Wednesday reported its quarterly sales grew 18% to $77.7 billion.

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Amazon cuts 14,000 corporate jobs as spending on artificial intelligence accelerates

Amazon will cut about 14,000 corporate jobs as the online retail giant ramps up spending on artificial intelligence while trimming spending.

China and ASEAN sign expanded free trade pact

KUALA LUMPUR, Malaysia (AP) — China signed an expanded version of a free trade agreement with the as both face increased protectionism from the United States, and Chinese Premier Li Qiang emphasized his country's close ties with the region.

The Real Brains Behind AI Machines

The Real Brains Behind AI Machines - Ad

IonQ, D-Wave Quantum, Rigetti Computing Surge Over 11% Pre-Market: What's Going On?

Shares of IonQ Inc. (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), and D-Wave Quantum (NYSE: QBTS) surged in premarket trading on Thursday.

Taiwan reports its first case of African swine fever

TAIPEI, Taiwan (AP) — Taiwan reported its first cases of African swine fever on Wednesday and authorities culled at least 195 pigs and ordered a ban on the movement and slaughter of pigs across the island.

Why Is This "Hidden" Stock So Important to the US Government?

Why Is This "Hidden" Stock So Important to the US Government? - Ad

Chinese leader Xi Jinping outlines 5-year plan at closed-door Communist Party meeting

BEIJING (AP) — Chinese leader Xi Jinping delivered a speech Monday on the opening day of of the ruling Communist Party to approve a draft plan laying out its goals for the country over the next five years.

Trump's $8.5 Billion Deal With Australia Challenges Chinese Dominance

Trump and Albanese signed a partnership to secure critical mineral supply chains and strengthen defense cooperation.

Nvidia CEO: E.I. Will Be as Common as Cars Today

Nvidia CEO: E.I. Will Be as Common as Cars Today - Ad

Donald Trump Faces 'No Kings Day' Protests As Millions March Nationwide, GOP Stays Silent Amid Authoritarianism Claims

Millions rallied nationwide against Trump, with top lawmakers supporting protests and condemning Trump's consolidation of power.

Trending Now