News
Wisconsin Invests $99 Million in BlackRock Bitcoin ETF
The State of Wisconsin Investment Board (SWIB) has taken a significant step into the cryptocurrency market by purchasing $99 million of BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT).
This acquisition, disclosed in a recent filing with the US Securities and Exchange Commission (SEC), highlights the growing trend of institutional investment in Bitcoin exchange-traded funds (ETFs).
Wisconsin’s strategic move
Since then the financial markets have been in turmoil Spot Bitcoin ETFs have been approved in January. These investment vehicles have quickly gained traction among institutional investors. For example, major financial entities such as Wells Fargo and JP Morgan have already made their holdings known Bitcoin ETFs.
SWIB, responsible for managing the assets of various state trust funds, including the Wisconsin Retirement System and the State Investment Fund, has now positioned itself strategically in the growing ETF market. By investing nearly $100 million in BlackRock’s offering, Wisconsin joins a growing list of institutional investors betting on the future of cryptocurrencies.
“Normally you don’t get these big fish institutions in the 13Fs for about a year (when the ETF gets more liquidity) but as we’ve seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in packs,” said Eric Balchunas, senior ETF analyst at Bloomberg.
Investments in these new financial vehicles show no sign of slowing down. Nearly $66 million in net inflows were recorded in the past 24 hours, bringing total inflows to nearly $11.75 billion. Top gainers included FBTC, which received inflows of $39 million; BITB, which received $20 million; and HODL, which received $7 million.
Bitcoin ETF flow. Source: Farside Investors
Other financial giants have also increased their investments. Bracebridge Capital invested $363 million in spot Bitcoin ETFs, while the Bank of Montreal also disclosed that it owns Bitcoin ETFs in a recent SEC filing. Additionally, UBS Group AG, a Switzerland-based investment bank, invested $145,692 in IBIT.
The influx of institutional investment into its ETFs represents a fundamental shift in the financial sector. It indicates a growing acceptance of cryptocurrencies as a legitimate asset class, paving the way for wider adoption and integration of digital assets into traditional finance.
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