The State of Wisconsin Investment Board has increased its holdings in BlackRock’s iShares Bitcoin Trust, as revealed in a recent SEC filing.
A U.S. SEC filing on August 14 shows that the State of Wisconsin now holds almost 2.9 million shares of BlackRock’s iShares Bitcoin (BTC) Trust worth approximately $99.1 million.
SWIB’s IBIT holdings rose by 447,651 shares, bringing the total to 2,898,051, meaning the board spent approximately $14 million to acquire more shares.
This move marks a shift in SWIB’s investment strategy, as the board has fully exited its position in the Grayscale Bitcoin Trust, where it previously held 1,013,000 shares.
Bitcoin confidence
The board, which manages public funds, purchased over 1 million Grayscale GBTC shares valued at more than $63.3 million earlier this year, but now they are holding BlackRock’s BTC ETF.
This increase in IBIT holdings reflects growing institutional confidence in Bitcoin, with SWIB opting for direct Bitcoin exposure through spot ETFs. Wisconsin’s investment underscores the growing institutional interest in Bitcoin-backed products and may inspire other institutions and government agencies to follow suit.
Despite Bitcoin’s recent price fluctuations, the ongoing investment in spot Bitcoin ETFs signals a robust belief in the cryptocurrency’s long-term potential.
