State of Wisconsin Investment Board Continues to Increase Holdings of BlackRock’s Bitcoin ETF

Key Points:

• The State of Wisconsin Investment Board has increased its investment in BlackRock’s Bitcoin ETF to approximately $100 million.
• SWIB no longer holds shares in GBTC, having reduced its position from 1,013,000 shares in May.

The State of Wisconsin Investment Board disclosed that it had poured huge investments in Bitcoin Exchange-Traded Funds according to its latest filing with the Securities and Exchange Commission.

Read more: State of Wisconsin Investment Board Buys Over $160 Million Spot Bitcoin ETFs 

State of Wisconsin Investment Board Increases Shares in BlackRock’s Bitcoin ETF

The filing indicated that SWIB held around $100 million in BlackRock’s spot Bitcoin ETF, IBIT. SWIB held 2,898,051 shares of the iShares Bitcoin Trust as of June 30, valued at $98.9 million. That is an increase from the 2,450,400 shares reported in May.

Also, according to the filing, SWIB doesn’t hold shares in Grayscale Bitcoin Trust (GBTC) anymore, whereas in May it did report a position in GBTC of 1,013,000 shares.

State of Wisconsin Investment Board is a fund manager that takes care of Wisconsin‘s public retirement and trust funds. For years, this has invested in conventional financial instruments and overseen investments in emerging technologies.

Institutional Interest in Bitcoin ETFs Grows

In its move into Bitcoin ETFs, it comes after the earlier approval of similar ETFs, through which it allows investors exposure to price movements in Bitcoin through equity investments. Here, the process will involve buying Bitcoin by the ETF sponsor, converting it to shares and distributing these to investors, hence providing an indirect way to invest in Bitcoin.

A deeper look at the recent 13F filings, in particular those of major institutions such as SWIB and JPMorgan Chase, gives evidence of increased institutional interest in Bitcoin. JPMorgan Chase, the largest bank in America, revealed its holdings in spot Bitcoin ETFs while still serving as a market maker.