Wisconsin Investment Board (SWIB) Raised Bets On BlackRock Bitcoin ETF (IBIT)

The State of Wisconsin Investment Board (SWIB) has increased its holdings in BlackRock Bitcoin ETF (IBIT), a recent SEC filing showed.

The Wisconsin Investment Board (SWIB) has increased its holdings in the BlackRock Bitcoin ETF (IBIT), according to a recent SEC filing. This move highlights a broader trend among institutional investors toward Bitcoin ETFs, reflecting a strong conviction in the long-term potential of the flagship cryptocurrency. Notably, SWIB has also exited its position in the Grayscale Bitcoin Trust (GBTC), indicating a shift in its recent investment strategy.

The recent filing with the US Securities and Exchange Commission (SEC) reveals that the Wisconsin Investment Board held 2,898,051 shares of the BlackRock iShares Bitcoin Trust (IBIT) as of June 30. This marks an increase from the 2,450,400 shares reported in May.

With an addition of 447,651 shares, the board had approximately $99 million in the BlackRock iShares Bitcoin Trust, as of June 30.

The significant increase in SWIB's BlackRock Bitcoin ETF holdings is noteworthy, as it reflects a growing confidence among institutional investors in BTC's long-term prospects as an investment asset. However, it's worth noting that the board has completely exited Grayscale's GBTC, where it previously held 1,013,000 shares, as of May.

This strategic move by SWIB to exit GBTC and increase its holdings in IBIT aligns with the broader institutional preference for direct Bitcoin exposure through Spot BTC ETF. Moreover, the decision reflects a shift in how institutional investors, including state pension funds, view Bitcoin's role in traditional investment portfolios.

It's important to note that SWIB made headlines earlier this year with its focus on Bitcoin ETF. The board became the first state pension fund to invest in the BTC investment instrument, marking a pivotal moment in integrating Bitcoin into mainstream finance. With the latest increase in IBIT holdings, this trend is only reinforced, signaling a growing institutional endorsement of the flagship crypto.

Bitcoin ETF Inflow Highlights Institutional Focus on BTC

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