ETFs
Wisconsin Holds Nearly $170 Million in Bitcoin ETFs
The Wisconsin Investment Board has invested capital in the two largest Bitcoin spot ETFs and shares in several crypto companies.
An American SEC deposit on May 14 showed that the state of Wisconsin owns 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $99.1 million.
According to the document, the jurisdiction also owns more than 1 million Grayscale GBTC shares valued at more than $63.3 million as of the close of March. The filing indicates that the Wisconsin government purchased its Bitcoin spot (BTC) ETF shares before the end of the first quarter of the year.
Bitcoin ETF Adoption Grows
Established in 1951, the State of Wisconsin Investment Board manages and invests public and trust funds for the state. Despite skepticism According to Wall Street figures like Jamie Dimon, CEO of JPMorgan Chase, the investment reaffirms the appetite for Bitcoin-backed products in the United States.
ETF Expert Eric Balchunas said Wisconsin’s decision could herald the entry of other government institutions and agencies. The state investment board also has stakes in crypto stocks from companies including Coinbase, Riot Platform, and MicroStrategy.
Wow, a state pension bought $IBIT in the first trimester. Normally, these large fishing institutions don’t show up in 13Fs until about a year later (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 https://t.co/leKVe2CK1S
– Eric Balchunas (@EricBalchunas) May 14, 2024
Place BTC ETF have seen a staggering rise since the US SEC approved 11 products in January. The market’s largest new player, BlackRock, nearly rivals incumbent Grayscale, and 10 new issuers have accumulated more than $20 billion in assets under management less than six months after their launch.
Banks like Wells Fargowhich initially shunned the products, have since enabled spot BTC ETF exposure for clients and even invested internal capital in Grayscale’s offerings.