Wisconsin Investment Board Reveals $100 Million Bitcoin ETF Holdings

Wisconsin’s State Investment Board made headlines recently as it revealed holdings of approximately $100 million in the iShares Bitcoin Trust, an ETF managed by BlackRock. The board disclosed this information in a filing with the Securities and Exchange Commission, stating that it owned over 2.4 million shares of the ETF valued at around $99 million.

In addition to its Bitcoin ETF holdings, the State of Wisconsin Investment Board disclosed ownership of over 1 million shares of Grayscale Bitcoin Trust (GBTC), worth around $63.7 million. The filing also revealed that the board’s portfolio includes investments in various other cryptocurrency firms such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, and MicroStrategy.

As a state agency responsible for managing investments for public retirement and trust funds, the State of Wisconsin Investment Board has a track record of investing in both traditional financial vehicles and cryptocurrencies. The iShares Bitcoin Trust and Grayscale’s GBTC are considered the leading spot Bitcoin ETFs in terms of market share, according to data from The Block’s Data Dashboard.

The board’s interest in spot Bitcoin ETFs has attracted attention, with Bloomberg’s ETF analyst, Eric Balchunas, noting the significant uptake compared to expectations. Balchunas emphasized the significance of a state pension fund investing in the iShares Bitcoin Trust during the first quarter, highlighting the growing acceptance and adoption of cryptocurrencies in institutional portfolios.