State of Wisconsin unloads over $300 million worth of BlackRock's Bitcoin ETF
Quick Take
- The State of Wisconsin Investment Board revealed in a filing that it no longer owned $321 million worth of BlackRock’s spot Bitcoin ETF.
- BlackRock’s IBIT fund recently experienced a 20-day streak of net inflows, bringing in over $5 billion.
The State of Wisconsin Investment Board revealed in a filing on Thursday that it no longer owned $321 million worth of BlackRock's spot Bitcoin ETF.
The 13F filing logged with the U.S. Securities and Exchange Commission for the fiscal quarter ending in March showed that the investment board no longer held shares in BlackRock's Bitcoin-based fund (ticker IBIT).
BlackRock's IBIT recently continued its dominance by experiencing a 20-day streak of net inflows, bringing in over $5 billion. IBIT is the market's largest spot Bitcoin ETF by assets under management at over $60 billion, according to The Block Data Dashboard.
At the time, Bloomberg ETF analyst Eric Balchunas commented on how popular IBIT is compared to rival funds.
"[IBIT is] taking in so much more then the rest of them," Balchunas said. "Usually there's much more parity...My theory, return of the HF [hedge fund] basis trade and some big fish biting after the decoupling and subsequent rally."
The State of Wisconsin Investment Board hasn't abandoned crypto-adjacent investments altogether. It still owned nearly $19 million worth of Coinbase stock at the end of the first quarter, according to the filing. The board previously sold off all its holdings in Grayscale's spot Bitcoin ETF.
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