Wisconsin Investment Board Increases Holdings in BlackRock Bitcoin ETF, Exits Grayscale Bitcoin Trust

A new SEC filing reveals that the Wisconsin State Investment Board (SWIB) has increased its holdings in the BlackRock Bitcoin ETF (IBIT). As of June 30, SWIB held 2,898,051 shares, up from 2,450,400 shares the previous month. This represents a $99 million investment in the BlackRock iShares Bitcoin Trust and represents a significant increase in its investment portfolio.

Notably, SWIB completely divested its Grayscale Bitcoin Trust (GBTC) holdings, which it held over 1 million shares in May. The exit suggests that SWIB is prioritizing direct exposure to Bitcoin and moving into Spot BTC ETFs. This trend suggests that institutional investors are increasingly viewing Bitcoin as a critical component of their diverse investment portfolios.

The moves by the Wisconsin Board of Investments are part of a broader trend toward Bitcoin ETFs among institutional investors. Recently, U.S. Spot Bitcoin ETFs saw an inflow of nearly $60 million in just two days, with BlackRock Bitcoin ETF leading the way with an inflow of $34.6 million. In contrast, Grayscale’s GBTC saw an outflow of $28.6 million, further clarifying the investor’s changing direction.

BlackRock’s IBIT currently ranks as the third-largest BTC holder globally, behind Binance and Bitcoin’s mysterious creator Satoshi Nakamoto. Bloomberg ETF strategist Eric Balchunas predicts that IBIT could surpass Nakamoto’s 1.1 million BTC holdings as the largest Bitcoin fund next year. These trends highlight a strong institutional appetite for safe and regulated Bitcoin investment vehicles.

In addition to the growing institutional interest in Bitcoin ETFs, Goldman Sachs announced significant crypto investments in its Q2 portfolio. The banking giant holds 7 million shares of IBIT and 1.5 million shares of Fidelity’s FBTC, reflecting significant institutional participation.