Markets
The state of Wisconsin purchased $163 million in Bitcoin ETFs
- The state of Wisconsin purchased about $163 million worth of bitcoin, according to 13F filings.
- The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter.
- The Wisconsin Investment Board manages state pensions worth more than $150 billion.
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The state of Wisconsin reportedly purchased $163 million worth of bitcoin in the first quarter a 13F filing done with the Securities and Exchange Commission.
The Wisconsin Investment Board manages the Badger State’s pensions, which are worth more than $150 billion. The pension’s 13F filing shows it holds about $38 billion in public equity, as of March 31.
According to the filing, the board of directors purchased just over 1 million shares of Grayscale Bitcoin Trust with a total value of $63.7 million and approximately 2.5 million shares of iShares Bitcoin Trust with a total value of approximately $99.2 million.
Wisconsin appears to be one of the first state pension funds to invest in the cryptocurrency sector, and that’s a big deal, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas.
“Wow, a state pension bought $IBIT in the first quarter. Normally you don’t get these big fisheries in the 13Fs for about a year (when the ETF gets more liquidity) but as we’ve seen these are not ordinary Good sign, expect more, since institutions tend to move in packs,” Balchunas published on X on Tuesday.
In 2022, a Virginia pension said it had gained approval to invest in cryptocurrency yield farming, with reports at the time stating that the Fairfax County Retirement System had invested $70 million in the space.
Bitcoin has been trading higher since the Wisconsin Investment Board made the statement, and rose 6.2% to $65,381 on Wednesday, representing its highest level since May 6.