- Wisconsin’s Investment Board has increased its Bitcoin exposure to $335.9 million through BlackRock‘s IBIT fund.
- The board has consolidated its crypto holdings exclusively into IBIT, moving away from its previous dual-fund strategy.
- The investment represents a significant increase from their previous $163 million crypto allocation in 2023.
- This move follows the SEC’s approval of spot Bitcoin ETFs, which has attracted substantial institutional investment.
- Other state pension funds, including Michigan’s, are also expanding their cryptocurrency investments.
The State of Wisconsin Investment Board (SWIB) has significantly expanded its cryptocurrency portfolio by acquiring over 6 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at $335.9 million, according to a recent SEC filing.
This investment marks a substantial increase from the board’s initial crypto exposure of $163 million in 2023, which was previously split between BlackRock and Grayscale Bitcoin ETFs. The SWIB has now consolidated its position entirely into IBIT, demonstrating a strategic shift in its investment approach.
The decision comes amid growing institutional acceptance of cryptocurrency investments through regulated exchange-traded funds (ETFs). ETFs allow investors to gain exposure to Bitcoin’s price movements without directly holding the digital asset, addressing custody and security concerns that have historically deterred institutional investors.
The timing aligns with broader market developments, as Bitcoin recently reached near-record levels of $109,000 in January 2024. This surge followed the Securities and Exchange Commission’s landmark approval of 11 spot Bitcoin ETFs, ending a decade-long period of regulatory resistance.
SWIB, which manages Wisconsin citizens’ pension funds and various trusts, maintains a diverse investment portfolio spanning traditional assets like technology stocks and precious metals. This latest move reflects a growing trend among state pension funds to incorporate cryptocurrency exposure, with the State of Michigan Retirement System also recently diversifying into both Bitcoin and Ethereum ETF products.
The institutional adoption of cryptocurrency through ETFs represents a significant shift in the market structure, providing regulated investment vehicles that meet the stringent requirements of pension fund managers and institutional investors. This development has contributed to increased market liquidity and price discovery in the cryptocurrency sector.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Abu Dhabi Wealth Fund Makes $436 Million Bitcoin ETF Investment, Sparking Global Adoption Race
- Crypto Market Faces Liquidity Concerns as Token Creation Surges 1,200% in January
- FBI Launches Operation Level Up to Combat Cryptocurrency Investment Scams
- TechBerry Review: A Brand New Approach to AI Trading
- SEC Seeks 28-Day Extension in Coinbase Legal Battle, Hints at Potential Resolution
