- Wisconsin’s investment board doubled its Bitcoin ETF holdings to 6 million shares valued at $321 million by end of 2023.
- Current market value of Wisconsin’s Bitcoin ETF position has reached approximately $588 million at $98,000 per Bitcoin.
- Wisconsin became the first state investment fund to report Bitcoin ETF purchases in 2024.
- The board manages over $156 billion in assets for state retirement and investment funds.
- Today marks the SEC filing deadline for institutional investors with $100M+ in assets to report Q4 holdings.
Wisconsin’s state investment authority has significantly expanded its cryptocurrency exposure, more than doubling its position in BlackRock‘s Bitcoin ETF during the fourth quarter of 2023, according to regulatory filings submitted to the SEC.
The State of Wisconsin Investment Board (SWIB) revealed ownership of 6 million shares in the iShares Bitcoin Trust (IBIT), up from approximately 2.9 million shares in the previous quarter. The position, valued at $321 million at year-end, has since appreciated to roughly $588 million amid Bitcoin’s recent price surge to $98,000.
This strategic move builds upon SWIB’s pioneering position as the first state fund to enter the spot Bitcoin ETF market in 2024, initially acquiring 94,562 IBIT shares alongside a temporary position in Grayscale’s Bitcoin Trust (GBTC). The latter investment was subsequently liquidated.
Other state funds have followed Wisconsin’s lead, with the State of Michigan Retirement System diversifying into multiple Bitcoin products, including positions in the ARK 21Shares Bitcoin ETF (ARKB) and two Grayscale offerings.
SWIB, which has operated since 1951, oversees a substantial $156 billion portfolio, including assets from the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF). The board’s mandate encompasses managing investments for state employees and various trust funds.
Market analysts are closely monitoring today’s institutional filing deadline, as these disclosures provide crucial insights into how traditional finance organizations are approaching the newly available Bitcoin ETF investment vehicles. These mandatory 13F filings apply to all institutional investors managing $100 million or more in assets, offering a window into Wall Street’s appetite for cryptocurrency exposure.
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