Recent filings from the U.S. Securities and Exchange Commission (SEC) reveal that Wisconsin’s Investment Board has made significant investments in the burgeoning Bitcoin exchange-traded fund (ETF) market, signaling growing institutional interest in cryptocurrency.
As per the SEC filing dated May 14, the State of Wisconsin holds substantial positions in the two largest spot Bitcoin ETFs. Wisconsin’s government has invested in 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at almost $99.1 million. Additionally, the state owns over 1 million shares of Grayscale’s Bitcoin Trust (GBTC), worth more than $63.3 million as of the end of March.
These investments indicate a strategic move by the State of Wisconsin to gain exposure to Bitcoin-backed products. Managed by the State of Wisconsin Investment Board, which oversees public and trust funds for the state, this decision underscores a growing acceptance of cryptocurrency assets in traditional investment portfolios.
ETF expert Eric Balchunas suggests that Wisconsin’s move could pave the way for similar investments from other institutions and government agencies. Notably, Wisconsin’s Investment Board also holds shares in leading crypto-related companies such as Coinbase, Riot Blockchain, and MicroStrategy, further diversifying its crypto portfolio.
The adoption of spot Bitcoin ETFs has been remarkable since the SEC’s approval of 11 products in January. BlackRock, one of the newest market players, has quickly gained traction, challenging established players like Grayscale. In less than six months since launch, these ETFs have collectively amassed over $20 billion in assets under management.
Even traditional financial institutions like Wells Fargo, initially hesitant about Bitcoin ETFs, have started offering exposure to these products to their clients. Furthermore, some banks, including Wells Fargo, have invested their own capital in offerings from Grayscale, further validating the growing institutional acceptance of cryptocurrency investments.
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