The Wisconsin Investment Board has increased its stake in BlackRock’s iShares Bitcoin Trust, as disclosed in a recent filing with the U.S. Securities and Exchange Commission.
US Securities and Exchange Commission Submit files On August 14, data showed that Wisconsin now owns nearly 2.9 million shares of BlackRock’s iShares Bitcoin (BTC) fund, worth an estimated $99.1 million.
SWIB’s holdings in IBIT increased by 447,651 shares, bringing the total to 2,898,051 shares, meaning the board spent nearly $14 million to buy more shares.
The move represents a shift in SWIB’s investment strategy, with the board of directors fully exiting its stake in the Grayscale Bitcoin Trust, where it previously owned 1,013,000 shares.
Bitcoin Trust
The board that manages public funds bought more than 1 million shares of Grayscale GBTC worth more than $63.3 million earlier this year, but now they own BlackRock’s BTC ETF.
This increase in IBIT’s holdings reflects growing institutional confidence in Bitcoin, with SWIB choosing to gain direct exposure to Bitcoin through spot ETFs. Wisconsin’s investment underscores the growing institutional interest in Bitcoin-backed products and could inspire other institutions and government agencies to follow suit.
Despite recent volatility in Bitcoin prices, continued investment in Bitcoin ETFs indicates a strong belief in the cryptocurrency’s long-term potential.
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