News
Wisconsin invests $99 million in BlackRock Bitcoin ETF
The State of Wisconsin Investment Board (SWIB) has made a significant move into the cryptocurrency market by purchasing $99 million worth of BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT).
This acquisition, disclosed in a recent filing with the United States Securities and Exchange Commission (SEC), highlights the growing trend of institutional investments in Bitcoin exchange-traded funds (ETFs).
Wisconsin’s strategic decision
The financial markets have been in turmoil since Bitcoin Spot ETFs Approved in January. These investment vehicles have quickly gained traction with institutional investors. For example, notable financial entities such as Wells Fargo and J.P. Morgan have already disclosed their holdings in Bitcoin ETF.
SWIB, responsible for managing assets within various state trust funds, including the Wisconsin Retirement System and the State Investment Fund, has now strategically positioned itself in the growing ETF market. By investing nearly $100 million in BlackRock’s offering, Wisconsin joins a growing list of institutional investors betting on the future of crypto.
“Normally these big fishing institutions aren’t present in 13Fs until about a year in (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,” said Eric Balchunas, senior ETF analyst at Bloomberg.
Investments in these new financial vehicles show no signs of slowing down. Over the past 24 hours, nearly $66 million in net inflows were recorded, bringing total inflows to nearly $11.75 billion. Notable winners include FBTC, which received $39 million in entries; BITB, which received $20 million; and HODL, which received $7 million.
Bitcoin ETF Feed. Source: Farside Investors
Other financial giants have also stepped up their investments. Bracebridge Capital invested $363 million in spot Bitcoin ETFs, while Bank of Montreal also disclosed owning Bitcoin ETFs in a recent SEC filing. Additionally, UBS Group AG, a Switzerland-based investment bank, invested $145,692 in IBIT.
The influx of institutional investment in its ETFs signifies a crucial change in the financial sector. This demonstrates a growing acceptance of cryptocurrencies as a legitimate asset class, paving the way for broader adoption and integration of digital assets into traditional finance.
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