- Increase in iShares Bitcoin Trust Holdings
- Shift in Investment Strategy
- Institutional Confidence in Bitcoin
The State of Wisconsin Investment Board (SWIB) has increased its holdings in BlackRock’s iShares Bitcoin Trust, according to a recent SEC filing.
Increase in iShares Bitcoin Trust Holdings
A U.S. SEC filing on August 14 shows that the State of Wisconsin now holds almost 2.9 million shares of iShares Bitcoin Trust worth approximately $99.1 million. SWIB’s IBIT holdings rose by 447,651 shares, bringing the total to 2,898,051, meaning the board spent approximately $14 million to acquire more shares.
Shift in Investment Strategy
This move marks a shift in SWIB’s investment strategy, as the board has fully exited its position in the Grayscale Bitcoin Trust, where it previously held 1,013,000 shares.
Institutional Confidence in Bitcoin
This increase in IBIT holdings reflects growing institutional confidence in Bitcoin, with SWIB opting for direct Bitcoin exposure through spot ETFs. Wisconsin’s investment underscores the growing institutional interest in Bitcoin-backed products and may inspire other institutions and government agencies to follow suit. Despite Bitcoin’s recent price fluctuations, the ongoing investment in spot Bitcoin ETFs signals a robust belief in the cryptocurrency’s long-term potential.
The State of Wisconsin Investment Board continues to strengthen its position in Bitcoin, reflecting the growing institutional support for cryptocurrency assets and strategies.
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