The State of Wisconsin Investment Board’s Bold Move in Bitcoin
In a significant strategic shift, the State of Wisconsin Investment Board (SWIB) has dramatically increased its investment in Bitcoin over the last quarter of the year. As reported in a recent 13F filing, the board now holds just over 6 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), a substantial rise from approximately 2.9 million shares just three months earlier.
Valuation Surge Reflects Bitcoin’s Rising Price
As of December 31, the Wisconsin investment position was valued at an impressive $321 million. Given Bitcoin’s current price, hovering near $98,000, these holdings would amount to a staggering $588 million today. This growth highlights the board’s confidence in the cryptocurrency’s potential for appreciation.
Pioneering Bitcoin ETF Investments
In 2024, SWIB made headlines by becoming the first institutional investor to report a purchase of a Bitcoin ETF, initially acquiring 94,562 shares of IBIT along with shares from Grayscale’s Bitcoin Trust (GBTC), which were subsequently sold. This proactive approach positions SWIB at the forefront of institutional cryptocurrency investment.
Other States Follow Suit
Following Wisconsin’s lead, the State of Michigan Retirement System has also disclosed its ownership of Bitcoin ETFs, including the ARK 21Shares Bitcoin ETF (ARKB) and two products from Grayscale. These developments indicate a broader trend among state retirement systems exploring cryptocurrency investments.
The Role of SWIB in Managing State Assets
Established in 1951, the State of Wisconsin Investment Board oversees an impressive $156 billion in assets, which include funds designated for the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF). The board is responsible for managing investments on behalf of state employees and various trust funds, reflecting a commitment to maximizing returns on behalf of its stakeholders.
Monitoring Institutional Investments in Bitcoin ETFs
Today marks an important deadline for institutional investors managing at least $100 million in assets, requiring them to report their quarterly holdings to the Securities and Exchange Commission (SEC). Market analysts are closely watching these filings to understand whether large traditional finance firms are increasing their exposure to Bitcoin ETFs since their introduction last year.
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