ETFs
Wisconsin State Investment Board and Titan Global Invest in Spot Bitcoin ETFs
The State of Wisconsin Investment Board (SWIB) and others have reported investments in spot Bitcoin ETFs.
In a May 14 filing, SWIB disclosed 2.5 million shares of Black Rock I BITE worth $99.1 million and 1.0 million shares of Shades of grey GBTC worth $63.7 million.
This investment makes SWIB the second largest holder of IBIT after Bracebridge Capital. SWIB is also the seventh largest holder of GBTC, surpassed by others including the largest holder, Susquehanna International Group (GIS).
SWIB is an independent state agency responsible for managing the assets of the Wisconsin Retirement System, the State Investment Fund (SIF), and other state funds.
Eric Balchunas, an analyst at Bloomberg ETF, noted that the investment is unusually early for its type, saying that “big peach institutions” typically wait about a year for ETFs to reach greater liquidity.
He added:
“These are no ordinary launches… a good sign, expect more as institutions tend to move in herds.”
Titan and Keybank invest
Fintech investment management firm Titan Global Capital Management separately disclosed 1.6 million IBIT shares worth $65.5 million in a May 13 filing.
This investment makes Titan the fourth largest holder of IBIT.
Titan’s IBIT investment is also larger in monetary value than any other deposited investment. The company’s second-largest investment is $37.6 million worth of Amazon (AMZN) stock.
Elsewhere, Ohio-based KeyBank National Association disclosed 3,723 shares of GBTC worth $235,182 in a May 14 filing. In 2021, KeyBank ranked among the 25 largest U.S. banks.
Recent 13F Filings
Each investment follows information provided by other companies.
Firms have recently disclosed spot investments in Bitcoin ETFs, including Symmetry Invest and Capital Section, JP Morgan and Wells Fargo, Hightower and SouthState Bank Investors, US Bancorp and Edmond De Rothschild Holding SAAnd UBS and Multicoin Capital.
Some companies have invested in spot Bitcoin ETFs other than IBIT and GBTC. However, the two funds are joint investments. At least 317 companies have disclosed their investments in IBIT and at least 502 companies have disclosed their investments in GBTC, according to Fintel data.
IBIT and GBTC are the two largest spot Bitcoin ETFs in terms of assets under management (AUM), with $17.2 billion and $18.3 billion in assets under management, respectively.
The ten active spot Bitcoin ETFs collectively have $52.8 billion in assets under management.