In a recent disclosure to the U.S. Securities and Exchange Commission (SEC), the State of Wisconsin Investment Board (SWIB) revealed its investments in two prominent Bitcoin exchange-traded funds (ETFs). The disclosure, made on May 14, unveiled that SWIB owned more than 2.4 million shares of the BlackRock iShares Bitcoin Trust (IBIT) and over a million shares of the Grayscale Bitcoin Trust (GBTC), with a combined value of approximately $100 million and $64 million, respectively.
As the entity responsible for managing the state trust funds in Wisconsin, SWIB’s filing with the SEC indicated that the investments in these two asset management companies would expose the Wisconsin Retirement System to the world of cryptocurrency investments. This move aligns with the increasing institutional interest in digital currencies, as demonstrated by other major banks like JPMorgan Chase and Wells Fargo, who have also disclosed their holdings of spot Bitcoin ETFs.
SWIB’s disclosure comes as no surprise, considering that approximately 48% of the more than $156 billion in assets managed by the organization in December 2023 were invested in public equities. Alongside the investments in Bitcoin ETFs, SWIB also held stock in other notable companies such as Cleanspark, MicroStrategy, and Coinbase. However, investors should exercise caution and not solely rely on the accuracy and completeness of the data provided by the state agency, as cautioned by the SEC.
The SEC’s approval in January for spot Bitcoin ETFs to be listed and traded on U.S. exchanges has undoubtedly contributed to the growing institutional interest in the cryptocurrency market. This approval prompted a market rally, with Bitcoin reaching new highs in the first quarter of 2024. Moreover, Susquehanna International Group, a notable company, invested over a billion dollars in spot cryptocurrency ETFs during the same period.
Overall, SWIB’s disclosure of its investments in Bitcoin ETFs highlights the increasing acceptance and integration of cryptocurrencies into traditional investment portfolios. As more institutional investors venture into this space, the crypto market continues to evolve and gain mainstream recognition.
In other crypto news, OKX has announced its official entry into the Australian market through a locally regulated entity. This move signifies OKX’s expansion efforts and its commitment to providing secure and compliant cryptocurrency trading services to Australian users. 