State of Wisconsin Investment Board holds nearly $100M of BlackRock’s Bitcoin ETF

  • State of Wisconsin Investment Board (SWIB) has disclosed it bought almost $100 million of BlackRock’s Bitcoin ETF $IBIT.
  • The state pension disclosed the holdings in a 13F on Tuesday.
  • Senior ETF analyst Eric Balchunas says these filings suggest more firms are set to buy spot Bitcoin ETFs.

A state pension has acquired a position in the spot Bitcoin ETF space, marking what a leading ETF expert says could be the beginning of a massive adoption curve.

State of Wisconsin Investment Board buys $IBIT

On Tuesday, the State of Wisconsin Investment Board disclosed it holds nearly $100 million in BlackRock’s iShares Bitcoin Trust ($IBIT). Particularly, the state’s filing showed it bought 2.4 million shares of $IBIT worth $99 million in the first quarter.

The details were part of the investment board’s 13F filing, which is a quarterly report that investment managers file with the US Securities and Exchange Commission (SEC).

13Fs disclose an investment asset manager’s US equity holdings where the assets in question are $100 million or more.

The Wisconsin Investment Board, which manages a retirement system and state investment fund among other smaller funds, also disclosed holdings in Grayscale’s Bitcoin Trust ($GBTC) ETF.

The spot Bitcoin ETF market continues to see massive institutional adoption as the sector resumes inflows after a slight lull in recent weeks. $IBIT has led with staggering numbers since its debut.

Eric Balchunas, a senior ETF analyst at Bloomberg, noted that the Wisconsin state pension manager’s move is a big one. Notably, big firms usually do not file their 13Fs so early after an ETF’s launch.

Commenting on today’s news, the ETF analyst noted:

“Normally you don’t get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we’ve seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds.”

On Monday, hedge fund Bracebridge Capital filed with the SEC to reveal it holds $262 million of Ark Invest’s spot Bitcoin ETF ARKB,  and $81 million of BlackRock’s $IBIT.

Wolverine Asset Management disclosed it holds Fidelity’s $FBTC, revealing an impressive 874,000 shares.

Other recent big fish disclosures of spot Bitcoin ETF holdings include BNY Mellon, BNP Paribas and Switzerland’s largest bank UBS Group AG.

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