Wisconsin State Investment Board Boosts BlackRock Bitcoin ETF Holdings
The State of Wisconsin Investment Board (SWIB) has recently bolstered its investment in BlackRock’s Bitcoin ETF (IBIT) while divesting from the Grayscale Bitcoin Trust (GBTC), according to a new SEC filing.
As of June 30, SWIB’s holdings in IBIT have grown to approximately 2.9 million shares, valued around $99 million. This increase represents a shift in the board’s strategy towards favoring direct Bitcoin exposure through ETFs.
The SWIB has significantly increased its investment in BlackRock’s iShares Bitcoin Trust, enhancing its stake from 2.45 million shares reported earlier this year. This move reflects a broader institutional trend favoring Bitcoin ETFs for long-term investment, contrasting with the board’s recent exit from its GBTC position.
READ MORE: Goldman Sachs Reveals Major Investment in Bitcoin ETFs
The shift in SWIB’s investment strategy aligns with a growing institutional preference for Bitcoin ETFs. Recent data shows substantial inflows into U.S. Bitcoin ETFs, with BlackRock’s fund receiving a notable $34.6 million influx. In contrast, Grayscale’s GBTC experienced a $28.6 million outflow, indicating a changing investment landscape.
SWIB’s increased allocation to IBIT, coupled with its exit from GBTC, underscores the evolving approach of institutional investors towards Bitcoin, as they seek more direct and potentially more profitable exposure to the cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
