Wisconsin adds 447k shares to BlackRock Bitcoin ETF holdings

The Wisconsin State Investment Board announced in a recent SEC filing that it has increased its stake in BlackRock’s iShares Bitcoin Trust.

The state of Wisconsin currently owns 2.9 million shares worth approximately $99.1 million in BlackRock’s iShares Bitcoin (BTC) Trust, according to an August 14 filing with the U.S. Securities and Exchange Commission (SEC).

SWIB’s IBIT shares increased by 447,651 shares to a total of 2,898,051, meaning the board spent approximately $14 million to purchase more shares.

The move marks a change in SWIB’s investment strategy, as the board has completely exited its position in the Grayscale Bitcoin Trust, in which it previously held 1,013,000 shares.

The Wisconsin State Investment Board reported to the SEC today that it owned 2,898,051 shares of the iShares Bitcoin Trust as of June 30 (worth $98.9 million at the time).

This represents an increase from the 2,450,400 shares Wisconsin previously reported in May.

— MakroScope (@MacroScope17) August 14, 2024

Bitcoin trust

The board, which manages public funds, purchased more than 1 million Grayscale GBTC shares worth over $63.3 million earlier this year but is currently holding BlackRock’s BTC ETF.

This increase in IBIT holdings reflects growing institutional confidence in Bitcoin, with SWIB favoring direct Bitcoin exposure through spot ETFs. Wisconsin’s investment suggests growing institutional interest in Bitcoin-backed products and could encourage other institutions and government agencies to follow suit.

Despite Bitcoin’s recent price fluctuations, continued investment in spot Bitcoin ETFs is a sign of strong belief in the cryptocurrency’s long-term potential.