State of Wisconsin increases exposure to Bitcoin in Q2 via BlackRock ETF State of Wisconsin increases exposure to Bitcoin in Q2 via BlackRock ETF
In a new filing with the SEC, the SWIB reported holding more IBIT shares and none of the previously reported GBTC shares.
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Updated: Aug. 15, 2024 at 12:52 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The State of Wisconsin Investment Board (SWIB) reported owning 2,898,051 shares of BlackRock’s spot Bitcoin exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT) as of June 30, according to an SEC filing.
The shares are worth nearly $99 million, based on the average BTC price during the second quarter.
Notably, the SWIB raised its exposure to Bitcoin (BTC) ETFs from a previously reported 2.5 million shares at the end of March. Additionally, the filing shows that SWIB offloaded the 1 million shares of Grayscale’s GBTC it held in the first quarter.
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.
US states add BTC to coffers
On July 26, the State of Michigan Retirement System reported its holdings of 110,000 shares in ARK 21Shares Bitcoin ETF (ARKB), equivalent to nearly $6.6 million.
Although it only represents 0.004% of their $143.9 billion in assets under management revealed in December 2023, Bloomberg ETF analyst Eric Balchunas highlighted that “it’s a start.”
Moreover, Jersey City Mayor Steven Fulop publicly spoke about the intention of the city’s pension fund to make Bitcoin investments through ETFs.
A week of inflows
Bitcoin ETFs traded in the US registered inflows between Aug. 12 and Aug. 13, amounting to nearly $67 million, according to Farside Investors’ data.
Notably, the outflows from Grayscale’s GBTC grew from $11.8 million on Aug. 12 to $28.6 million on Aug. 13. Nevertheless, the inflows registered by BlackRock’s IBIT soared from $13.4 million to $34.6 million in the same period.
Moreover, Bitwise’s BITB and ARK 21Shares’ ARKB also registered outflows of $17.1 million and $6.1 million, respectively, in this period. Although BITB is sitting at a net outflow of $600,000 so far this week, ARKB shows a positive netflow of $29.3 million.
Mentioned in this article
Bitcoin 
BlackRock 
Bitwise 
Ark Invest 
Grayscale Investments iShares Bitcoin Trust 
Bitwise Bitcoin ETF 
ARK 21Shares Bitcoin ETF Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).