The Wisconsin State Investment Trust (SWIB) and many major financial institutions announced a huge investment in Bitcoin spot ETFs, pushing the total assets under management of 11 active Bitcoin spot ETFs to $52.8 billion. .
In a report filed on May 14, SWIB revealed that it owns 2.5 million BlackRock IBIT shares worth $99.1 million and 1 million Grayscale GBTC shares worth $63.7 million.
This investment makes SWIB the second largest holder of IBIT after Bracebridge Capital and the seventh largest holder of GBTC. SWIB is an independent state agency responsible for managing the assets of the Wisconsin Retirement System, the State Investment Fund (SIF), and other state funds.
JUST IN: State of Wisconsin Investment Board discloses it holds almost $100 million of BlackRock's spot#BitcoinETF. pic.twitter.com/Jdv4uKSi9J
â Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
The event of SWIB investing in a spot Bitcoin ETF is quite surprising, because according to Eric Balchunas, Bloomberg ETF analyst, large institutions usually wait about a year for the ETF to achieve higher liquidity before investing capital.
âThese are not ordinary launches⊠A good sign, and it is expected that more organizations will participate, as they tend to move in herds,â he said.
Market share of Bitcoin Spot ETFs by trading volume. Source:The Block (May 15, 2024)
At the same time, Fintech investment management company Titan Global Capital Management also announced it owns 1.6 million IBIT shares worth $65.5 million, making Titan the fourth largest IBIT owner. Notably, Titan's IBIT investment is larger in value than any other investment in the company's filings.
In addition, Ohio-based KeyBank National Association also disclosed ownership of 3,723 GBTC shares worth $235,182 in a May 14 filing. KeyBank ranked among the 25 largest US banks in 2021.
Previously, many other companies also announced investments in Bitcoin spot ETFs, including Symmetry Invest, Rubric Capital, JP Morgan, Wells Fargo, Hightower Investors, SouthState Bank, US Bancorp, Edmond De Rothschild Holding SA, UBS and Multicoin Capital.
Although some firms have invested in other spot Bitcoin ETFs besides IBIT and GBTC, these two funds are popular choices. According to Fintel data, at least 317 companies have announced investments in IBIT and at least 502 companies have announced investments in GBTC.
Currently, IBIT and GBTC are the two largest spot Bitcoin ETFs by total assets under management (AUM), at $17.2 billion and $18.3 billion, respectively.
The fact that financial "whales" are continuously pouring capital into the spot Bitcoin ETF shows growing confidence in the potential of this leading digital currency, while creating a strong impetus for Bitcoin's development in the near future. next.
