Just-In: Wisconsin Investment Board Buys More BlackRock Bitcoin ETF
Highlights
- Wisconsin Investment Board increases BlackRock Bitcoin ETF holdings by $99 million.
- Board exits Grayscale Bitcoin Trust, shifting investment strategy to direct Bitcoin exposure.
- Institutional investors show growing confidence in Bitcoin's long-term potential and Spot Bitcoin ETFs.
The State of Wisconsin Investment Board (SWIB) has increased its holdings in BlackRock Bitcoin ETF (IBIT), a recent SEC filing showed. This move underscores a growing trend among institutional investors toward Bitcoin ETFs, signaling a strong belief in the flagship crypto’s long-term potential. Notably, SWIB has also exited its position in the Grayscale Bitcoin Trust (GBTC), indicating a shift in its recent investment strategy.
Wisconsin Investment Board Raised Bets On BlackRock Bitcoin ETF
In a recent US SEC filing, the Wisconsin Investment Board disclosed its holdings of 2,898,051 shares of BlackRock iShares Bitcoin Trust (IBIT) as of June 30. This marks an increase from 2,450,400 shares reported in May. With an increase of 447,651 shares, the board holds around $99 million of BlackRock iShares Bitcoin Trust as of June 30.
Notably, this significant increase in their BlackRock Bitcoin ETF holdings reflects a growing confidence of the board in BTC’s long-term prospects as an investment asset. However, the board has noted a complete exit from Grayscale’s GBTC, where it previously held 1,013,000 shares as of May.
Meanwhile, this strategic move of SWIB to exit from GBTC and raise bets on IBIT aligns with the broader institutional preference for direct Bitcoin exposure through Spot BTC ETF. In addition, the decision reflects a shift in how institutional investors, including state pension funds, view Bitcoin’s role in traditional investment portfolios.
It’s worth noting that SWIB made headlines earlier this year focusing on Bitcoin ETF. It was the first state pension fund to invest in the BTC investment instrument, marking a pivotal moment in integrating Bitcoin into mainstream finance. Having said that, the latest increase in their IBIT holdings only reinforces this trend, signaling a growing institutional endorsement of the flagship crypto.
Bitcoin ETF Inflow Amid Institutional Focus
The latest move of the Wisconsin Investment Board is part of a larger trend among institutional investors, with several state pension funds now focusing on Spot BTC ETFs. This shift is also evident in the recent inflows into the US Spot Bitcoin ETF. In just the first two days of this week, these ETFs saw inflows totaling nearly $60 million, indicating a strong investor appetite for Bitcoin exposure.
On August 13, BlackRock Bitcoin ETF led the inflows with a $34.6 million influx, followed by Fidelity’s FBTC. Meanwhile, Grayscale’s GBTC experienced an outflow of $28.6 million, highlighting the shifting preferences of investors.
Meanwhile, BlackRock’s IBIT has surged to third place among global BTC holders, after the Binance exchange and Satoshi Nakamoto. Bloomberg ETF strategist Eric Balchunas predicts IBIT will become the largest Bitcoin fund by next year, potentially overtaking Nakamoto’s 1.1 million BTC.
In addition, the latest disclosure of Goldman Sachs also reflects the growing institutional interest in Bitcoin ETF. For context, Goldman Sachs reveals significant cryptocurrency investments in its Q2 portfolio disclosure. The banking giant holds 7 million IBIT shares, and 1.5 million FBTC shares, the latest filing showed.
However, despite the inflows into the investment instrument, Bitcoin price appears to be struggling, especially after the latest US CPI inflation data.
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