The investment board for 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 Securities and Exchange Commission (SEC), SWIB disclosed that it holds over 2.4 million shares in the BlackRock iShares Bitcoin Trust (IBIT) and over 1 million shares of Grayscale Bitcoin Trust (GBTC), with a total value of around $100 million and $64 million respectively. This suggests that the Wisconsin Retirement System may have exposure to cryptocurrency investments through these asset management firms.
As of December 2023, SWIB manages over $156 billion in assets, with approximately 48% allocated to public equity investments. Other investments include shares in Coinbase, MicroStrategy, and CleanSpark. However, the SEC cautions that the information provided by SWIB may not be entirely accurate and complete.
Bloomberg ETF analyst Eric Balchunas commented on the involvement of institutions like SWIB in Bitcoin ETFs, stating that it is unusual for them to enter the market so soon after the launch of the ETFs. He believes this is a positive sign and expects more institutions to follow suit.
This news follows similar reports from major banks such as Wells Fargo and JPMorgan Chase, who disclosed holdings of less than $1 million in spot BTC ETFs. Susquehanna International Group reported purchasing over $1 billion worth of shares in spot crypto ETFs in the first quarter of 2024. These investments include shares in GBTC, IBIT, Fidelity Wise Origin Bitcoin Fund (FBTC), ProShares Bitcoin Strategy ETF (BITO), and Bitwise Bitcoin ETF.
In January, the SEC approved the listing and trading of spot Bitcoin ETFs on US exchanges. It is anticipated that the commission will decide whether to approve a spot Ether (ETH) ETF by May 23, which is the final deadline for an application from asset manager VanEck.
In related news, a magazine article explores the growing interest in cryptocurrency among hip hop stars, highlighting their embrace of Bitcoin and its potential for financial empowerment.