Wisconsin Investment Board Bets Big on BlackRock Bitcoin ETF, Ditches Grayscale BTC Trust

A recent SEC filing reveals that the Wisconsin State Investment Board (SWIB) is doubling down on Bitcoin by increasing its holdings in the BlackRock Bitcoin ETF (IBIT). As of June 30, SWIB's stake in IBIT surged to 2,898,051 shares, representing a $99 million investment—up from 2,450,400 shares the previous month.

In a bold move, SWIB has completely exited its position in the Grayscale Bitcoin Trust (GBTC), where it held over 1 million shares just a month prior. This strategic shift underscores SWIB’s preference for direct exposure to Bitcoin through Spot BTC ETFs, aligning with the growing trend among institutional investors.

The move by SWIB is part of a broader shift towards Bitcoin ETFs, with institutional investors pouring in nearly $60 million into U.S. Spot Bitcoin ETFs in just two days. BlackRock’s IBIT led the charge, attracting $34.6 million, while Grayscale’s GBTC faced a $28.6 million outflow, signaling a clear change in investor sentiment.

Currently, BlackRock’s IBIT ranks as the third-largest BTC holder globally, trailing only Binance and Bitcoin's enigmatic creator, Satoshi Nakamoto. Bloomberg ETF strategist Eric Balchunas even predicts that IBIT could surpass Nakamoto’s 1.1 million BTC holdings as the largest Bitcoin fund by next year.

Adding to the momentum, Goldman Sachs announced significant crypto investments in its Q2 portfolio, including 7 million shares of IBIT and 1.5 million shares of Fidelity’s FBTC, showcasing the growing institutional appetite for secure and regulated Bitcoin investment vehicles.

#CryptoInvesting #BlackRockETF #InstitutionalMoney #BinanceTurns7 #BullBanter