Key Points
- The State of Wisconsin Investment Board has invested almost $100 million in the iShares Bitcoin Trust and $63 million in the Grayscale Bitcoin Trust.
- The board also holds shares in other cryptocurrency firms including Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark and MicroStrategy.
The State of Wisconsin Investment Board has disclosed a significant investment in two key Bitcoin ETFs, as per a recent regulatory filing.
Investment in Bitcoin ETFs
The Board holds nearly $100 million in the iShares Bitcoin Trust, managed by investment firm BlackRock, and around $63 million in the Grayscale Bitcoin Trust. This was revealed in a 13F filing at the end of Q1 2024.
The Board owns 2,450,400 shares of the iShares Bitcoin Trust, valued at $99,167,688, and 1,013,000 shares of the Grayscale Bitcoin Trust (GBTC), worth approximately $63,687,310.
Other Cryptocurrency Investments
In addition to these, the Board also has investments in other cryptocurrency firms, such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, and MicroStrategy.
The State of Wisconsin Investment Board, a state agency, manages investments for public retirement and other trust funds. It has a history of making cryptocurrency investments and also invests in traditional financial investment vehicles.
The iShares Bitcoin Trust, managed by BlackRock, and the Grayscale Bitcoin Trust are the leading spot Bitcoin ETFs in terms of market share.
Bloomberg's ETF analyst noted that the Board's interest in spot Bitcoin ETFs has come faster than expected. "Wow, a state pension bought Bitcoin ETF in the first quarter," he wrote on a social media platform.
The iShares Bitcoin Trust has also set records for traditional ETFs. It surpassed the record for an ETF reaching $10 billion in assets under management in just 49 days. The previous record was held by the JPMorgan Nasdaq Equity Premium Income ETF, which took approximately three trading years to reach $10 billion AUM.
