The investment board of the State of Wisconsin, known as SWIB, recently announced its investments in Bitcoin exchange-traded funds (ETFs) offered by Grayscale and BlackRock. In a filing with the United States Securities and Exchange Commission on May 14, SWIB disclosed that it held over 2.4 million shares in the BlackRock iShares Bitcoin Trust (IBIT) and more than 1 million shares of Grayscale Bitcoin Trust (GBTC). These shares are valued at approximately $100 million and $64 million, respectively. This disclosure suggests that the Wisconsin Retirement System may have exposure to cryptocurrency investments through these asset management firms.
As of December 2023, SWIB managed a total of $156 billion in assets, with nearly half of that amount allocated to public equity investments. Other notable investments held by SWIB included shares of stock in Coinbase, MicroStrategy, and CleanSpark. However, the SEC cautioned that the information provided by the state entity may not be entirely accurate or complete.
Eric Balchunas, an ETF analyst at Bloomberg, commented on the SWIB’s investment in Bitcoin ETFs, noting that it is uncommon for large institutional investors to enter the market so quickly after the launch of an ETF. He expects more institutional investors to follow suit.
This SEC filing came after similar reports from major banks such as Wells Fargo and JPMorgan Chase, which disclosed holdings of less than $1 million in Bitcoin ETFs. Susquehanna International Group, on the other hand, revealed that it had purchased over $1 billion worth of shares in various Bitcoin ETFs during the first quarter of 2024. These investments included shares of GBTC, IBIT, FBTC, BITO, and Bitwise Bitcoin ETF.
The SEC approved the listing and trading of Bitcoin ETFs on U.S. exchanges in January. It is anticipated that the commission will make a decision on whether to approve a spot Ether ETF by May 23, which is the final deadline for an application from asset manager VanEck.
In related news, hip hop stars have shown a growing interest in cryptocurrencies, with many embracing Bitcoin as a means of diversifying their investments.