State of Wisconsin Investment Board Increases IBIT Holdings to Nearly 2.9 Million Shares

The State of Wisconsin Investment Board (SWIB) has announced an increase in its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by 447,651 shares.

The latest addition brings its total to more than 2.89 million as of June 30, according to a recent SEC filing.

SWIB expands exposure to Bitcoin

SWIB, an independent agency that manages assets for Wisconsin’s state investment and retirement funds, has expanded its Bitcoin ETF investments beyond the 2.5 million shares reported at the end of March. Additionally, the filing reveals that SWIB has divested its one million GBTC shares from Grayscale since the first quarter.

In addition to IBIT, SWIB has invested in other cryptocurrency-related assets, including shares of Coinbase, Marathon Digital, Robinhood and Block Inc.

Spot Bitcoin ETFs have seen increased adoption despite the recent market downturn. Michigan State Retirement System reported on July 26 that it owns 110,000 shares of the ARK 21Shares Bitcoin (ARKB) ETF, which is worth nearly $6.6 million.

That represents just 0.004% of its $143.9 billion in total assets under management as of December 2023.

In addition, Jersey City Mayor Steven Fulop also revealed plans to allocate part of the city’s pension fund to Bitcoin ETFs, marking a notable step toward incorporating the cryptocurrency into municipal finances. On July 25, Fulop announced via social media that the city’s pension fund is amending its SEC filings to include Bitcoin ETFs. Jersey City, New Jersey’s second largest city, is taking this step to modernize its financial strategy.

BlackRock IBIT adoption curve

BlackRock’s introduction of the IBIT fund this year has been a huge success. Since its launch in January, IBIT has recorded over $20 billion in net inflows, making it the fastest growing local Bitcoin fund to date. If the current trend of accumulation continues, experts suggest that IBIT could overtake Satoshi Nakamoto’s Bitcoin holdings in about a year.

Meanwhile, the latest development comes after Goldman Sachs disclosed holdings exceeding $400 million in US spot Bitcoin ETFs. This includes approximately $238 million in IBIT, $79.5 million in the Fidelity Bitcoin Fund (FBTC), and $35 million in GBTC.

According to data compiled by Fintel, Millennium Management is the largest holder of the IBIT fund, followed by Capula Management and Goldman Sachs.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!