State of Wisconsin Investment Board reveals $163 million in spot bitcoin ETFs
Quick Take
- The State of Wisconsin Investment Board revealed numerous investments in crypto entities in a Tuesday 13F filing with the Securities and Exchange Commission.
- The Board owns 2,450,400 shares of the ETF valued at $99,167,688 as well as 1,013,000 shares of the Grayscale Bitcoin Trust (GBTC) worth $63,687,310 at the end of March.
- Shares from Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark and MicroStrategy are also in the Board’s portfolio.
The State of Wisconsin Investment Board revealed in a Tuesday 13F filing that it held nearly $100 million of the iShares Bitcoin Trust, the spot bitcoin exchange-traded fund out of the investment manager BlackRock, at the end of the first quarter of 2024.
The Board owned 2,450,400 shares of the ETF valued at $99,167,688 and 1,013,000 shares of the Grayscale Bitcoin Trust (GBTC) worth around $63,687,310 at the end of March, according to the filing with the Securities and Exchange Commission.
Shares of other cryptocurrency firms such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark and MicroStrategy were also in the Board's portfolio.
The State of Wisconsin Investment Board is a Wisconsin state agency that manages investments for public retirement and other trust funds. The Board has made other crypto investments in the past and maintains investments in traditional financial investment vehicles in addition to web3 ones in this most recent 13F filing.
BlackRock's IBIT and Grayscale's GBTC are the top spot bitcoin ETFs by market share, The Block's Data Dashboard shows.
Analyst commentary
Bloomberg's ETF analyst noted that the Board's interest in spot bitcoin ETFs seems to have come faster than expected.
"Wow, a state pension bought IBIT in first quarter," Eric Balchunas wrote on the social media platform X. "Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds."
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