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Wisconsin Apes Into Bitcoin ETFs

Wisconsin's Investment Board is loading its bags with IBIT and GBTC
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May 14, 2024 • 1 min read

The State of Wisconsin Investment Board disclosed a significant investment in bitcoin ETFs in a new SEC filing. The Board's holdings include shares of BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC).

What's the scoop?

  • The Wisconsin Investment Board has invested heavily in bitcoin ETFs.
  • The Board now holds 2,450,400 shares of IBIT, valued at nearly $100 million. Additionally, they own 1,013,000 shares of GBTC, worth around $63.7 million. 
  • The filing also revealed investments in other crypto firms like Coinbase and MicroStrategy.

Bankless take:

This move highlights growing institutional interest in cryptocurrency, as it’s the first time a state agency like this has heavily invested in bitcoin ETFs. For crypto enthusiasts and investors, this could mean increased legitimacy and significant growth in the ecosystem over the coming years.

That said, watch for other institutional investors who might follow Wisconsin's lead. Increased investment from state agencies and pension funds could lead to significant buy pressure on Bitcoin. Also, watch for regulatory changes that could impact the crypto market and influence future investments by similar institutions.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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