Michigan’s retirement fund is the first U.S. pension fund to include spot Ethereum exchange-traded fund (ETF) shares in its portfolio.

On Nov. 4, the State of Michigan Retirement System (SMRS) disclosed that it acquired 460,000 shares in the Grayscale Ethereum Trust (ETHE) worth $10 million.

SMRS also purchased 460,000 shares in Grayscale’s Ethereum Mini Trust (ETH) worth $1.1 million. The purchases rank SMRS as the fourth-largest institutional holder of ETHE shares, and the second-largest holder of ETH shares.

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