Wisconsin Investment Commission Increases Investment in BlackRock Bitcoin ETF
In a strategic move, the Wisconsin Investment Commission (SWIB) has decided to increase its investment in the BlackRock Bitcoin ETF, a trend that is gaining traction among institutional investors. The latest SEC Filings revealed that as of June 30, SWIB held 2,898,051 shares of BlackRock iShares Bitcoin Trust (IBIT), marking an increase from the 2,450,400 shares disclosed in May. Simultaneously, the board of directors has reallocated funds from Grayscale Bitcoin Trust Company (GBTC).
Commitment to Bitcoin ETF Strengthens
The decision to boost the position in the BlackRock Bitcoin ETF by 447,651 shares showcases SWIB’s belief in Bitcoin as a viable long-term investment. With total holdings in IBIT valued at approximately $99 million, SWIB has established a significant presence in the cryptocurrency market. By opting for direct exposure to Bitcoin through spot ETFs, the institution is aligning with the industry-wide preference for such products over other crypto options.
Shifting Focus: Exiting GBTC for IBIT
While intensifying its investment in IBIT, SWIB has divested from Grayscale GBTC. Previously holding 1,013,000 shares of GBTC, all positions have been liquidated as part of the institutional shift towards ETFs like BlackRock’s IBIT. This strategic move, in line with industry trends, is expected to influence other institutional investors to reassess their digital asset allocations.
Transitioning away from GBTC and towards IBIT is part of a broader strategy adopted by SWIB, mirrored by state pension funds showing increased interest in spot Bitcoin ETFs. This shift signifies a potential evolution in traditional asset management models towards greater adoption of Bitcoin as a financial instrument.
IBIT: Emerging Leader in the Bitcoin Fund Market
SWIB’s confidence in Bitcoin ETFs is solidified through its growing investment in the BlackRock IBIT ETF, positioning the institution as the third-largest owner of Bitcoin. Industry experts speculate that IBIT could soon surpass even Satoshi Nakamoto in terms of assets, indicating a potential shift in the cryptocurrency landscape.
Simultaneously, major financial players like Goldman Sachs are ramping up their investments in Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC. This trend underscores the gradual integration of Bitcoin ETFs into traditional investment strategies, marking a significant milestone in the cryptocurrency’s journey into mainstream financial systems.
Also read: Goldman Sachs Bet on Bitcoin ETF: Holding $418 Million
