Key Points
- Wisconsin’s Investment Board has invested in Bitcoin ETFs and several crypto companies.
- Spot BTC ETFs have seen significant growth since the U.S. SEC’s approval in January.
According to a recent U.S. SEC filing, Wisconsin’s Investment Board has diversified its portfolio to include Bitcoin ETFs and shares in multiple cryptocurrency companies.
The filing, dated May 14, revealed that the state owns 2.4 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), worth approximately $99.1 million.
Bitcoin ETF Adoption
The document also disclosed that Wisconsin owns over 1 million Grayscale GBTC shares, valued at more than $63.3 million as of the end of March. It indicated that these spot Bitcoin (BTC) ETF shares were acquired before the end of the first quarter.
The State of Wisconsin Investment Board, established in 1951, manages and invests public and trust funds. Despite skepticism from prominent Wall Street figures, the investment demonstrates a growing interest in Bitcoin-backed products in the United States.
ETF expert Eric Balchunas suggested that Wisconsin’s decision could encourage other institutions and government agencies to follow suit. The state’s investment board also has holdings in crypto equities from companies such as Coinbase, Riot Platform, and MicroStrategy.
Growth of Spot BTC ETFs
Spot BTC ETFs have seen a remarkable rise since the U.S. SEC approved 11 products in January. BlackRock, one of the largest new market players, is nearly on par with Grayscale, and 10 new issuers have gathered over $20 billion in assets under management in less than half a year.
Banks such as Wells Fargo, which initially avoided these products, have since allowed their clients to gain exposure to spot BTC ETFs and have even invested their own capital in offerings from Grayscale.
