In a notable increase in its BTC exposure, the Wisconsin State Investment Board added over 447,000 shares to its Spot Bitcoin ETF holdings. Indeed, a submission An investigation by the U.S. Securities and Exchange Commission (SEC) revealed that the board owned 2,898,051 shares of BlackRock's BTC ETF.
That's up from the 2,450,400 it reported in May. The state has been steadily bolstering its position in the $10 trillion asset manager iShares Bitcoin Trust (IBIT). Currently, the board’s holdings are valued at nearly $99 million. It has also made IBIT the only BTC ETF it owns.
Source: Pensions & Investments
Also read: Goldman Sachs Announces $418 Million in Bitcoin ETF Holdings
Wisconsin Investment Board Increases Spot Bitcoin ETF Holdings
Bitcoin ETFs have been the story of 2024 so far. The product became the first crypto-based ETF in the United States. What’s more, it opened the door for Ethereum’s iteration just five months later. BTC has thrived thanks to the investment offering. Just three months after its launch, the token reached an all-time high of $73,000.
That only seems to have increased institutional interest, with the state of Wisconsin adding more than 447,000 shares to its Spot Bitcoin ETF holdings. A new filing shows the investment board’s increased position. But it also shows increased confidence in BlackRock’s offering.
Also read: Wisconsin State Investment Board Unveils $99 Million in Bitcoin ETF
The file shows that the board no longer holds a position Bitcoin Trust (GBTC) from Grayscale. That’s a notable shift from May, when the company had reported owning 1,013,000 shares of the BTC product. Yet it has concentrated all of its Bitcoin ETF investments in the ETF issued by the world’s largest asset manager.
The Wisconsin State Investment Board was one of the first states to report Bitcoin ETF holdings. Its initial report in May preceded several other states following in its footsteps. This includes Jersey City New Jersey. The city’s mayor, Steven Fulop, said its BTC ETF strategy would be similar to Wisconsin's 2% allocation.