The State of Wisconsin Investment Board has significantly increased its investment in BlackRock's iShares Bitcoin Trust, now holding 2.9 million shares valued at $98.9 million.
The State of Wisconsin Investment Board (SWIB) has significantly increased its investment in BlackRock’s iShares Bitcoin Trust (IBIT), according to a recent filing with the U.S. Securities and Exchange Commission (SEC). As of June 30, the board now owns 2,898,051 shares of IBIT, valued at approximately $98.9 million. This represents an increase of 447,651 shares from the 2,450,400 shares reported in May.
In an SEC filing today, the State of Wisconsin Investment Board reported owning 2,898,051 shares of the iShares Bitcoin Trust as of June 30 (valued at $98.9 million as of that date).
— MacroScope (@MacroScope17) August 14, 2024
This is an increase from the 2,450,400 shares that Wisconsin previously reported in May.…
The filing also revealed that SWIB no longer holds any shares in the Grayscale Bitcoin Trust (GBTC), a notable change from its May report, which listed 1,013,000 shares in the trust. The shift suggests a growing preference within the board for direct Bitcoin exposure through spot ETFs, rather than traditional trust-based structures.
This move by SWIB comes after it became the first state pension fund to invest in spot Bitcoin ETFs earlier this year, marking a significant milestone in the integration of Bitcoin into traditional investment portfolios. The decision to increase its stake in IBIT reflects a broader institutional confidence in the long-term potential of Bitcoin.
Since July 24, spot Bitcoin ETFs have seen a total combined inflow of $243.06 million, indicating continued strong interest in these financial products from institutional investors. SWIB’s increased investment in IBIT underscores this trend and highlights the growing role of Bitcoin in diversified investment strategies.
The board’s decision to pivot away from GBTC and bolster its IBIT holdings aligns with a wider movement among institutional investors toward products that offer more direct exposure to Bitcoin’s price movements. SWIB’s actions may signal a broader shift in how traditional financial institutions approach Bitcoin investments.
With the SEC still deliberating over the approval of additional Bitcoin ETFs, the actions of major institutional players like SWIB could influence future regulatory decisions and the overall adoption of Bitcoin as a mainstream asset class.
