Wisconsin holds nearly $170m in Bitcoin ETFs

The Wisconsin Board of Investment has capital invested in the two largest spot Bitcoin ETFs and shares in several crypto companies.

A US SEC filing on May 14 showed that the State of Wisconsin owns 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth approximately $99.1 million.

The jurisdiction also owns more than 1 million Grayscale GBTC shares worth more than $63.3 million as of the end of March, according to the document. The filing shows that the Wisconsin government purchased shares of the spot Bitcoin (BTC) ETF before the end of the first quarter of the year.

Bitcoin ETF adoption expands

Established in 1951, the Wisconsin State Board of Investment manages and invests public and trust funds on behalf of the state. Despite skepticism from Wall Street figures such as JPMorgan Chase CEO Jamie Dimon, the investment reaffirmed the appetite for Bitcoin-backed products in the US.

ETF expert Eric Balchunas said Wisconsin’s decision could herald future inflows from other institutions and government agencies. The state’s investment board also has stakes in crypto stocks from companies like Coinbase, Riot Platform and MicroStrategy.

Wow, the state bought a pension $IBIT in the first quarter. You normally won’t be able to buy these big fish institutions at 13Fs for about a year (when the ETF gains more liquidity), but as we’ve seen these are no ordinary launches. Good sign, expect more as institutions tend to move in herds https://t.co/leKVe2CK1S

— Eric Balchunas (@EricBalchunas) May 14, 2024

Spot BTC ETFs have seen a staggering rise since the US SEC issued approvals for 11 products in January. The biggest new market player, BlackRock, is a near rival to incumbent Grayscale, and 10 new issuers have accumulated over $20 billion in assets under management in less than six months after launch.

Banks like Wells Fargo, which initially eschewed the products, have since provided clients with exposure to spot BTC ETFs and even invested in-house capital in Grayscale’s offerings.