The State of Wisconsin Investment Board (SWIB) has recently made a significant move in the world of cryptocurrency investments. According to a recent SEC filing, SWIB now owns 2,898,051 shares of BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund (ETF). This investment is worth nearly $99 million, based on the average BTC price during the second quarter.
This move by SWIB is a clear indication of the growing interest in Bitcoin and other cryptocurrencies among institutional investors. The fact that a state investment board is investing such a large amount of money in a Bitcoin ETF is a sign that cryptocurrencies are becoming more mainstream and are being taken seriously as an investment option.
It’s worth noting that this is not the first time that SWIB has invested in Bitcoin ETFs. In fact, the investment board had previously reported owning 2.5 million shares of Bitcoin ETFs at the end of March. However, the recent SEC filing shows that SWIB has increased its exposure to Bitcoin ETFs by acquiring more shares of BlackRock’s IBIT.
Interestingly, the filing also reveals that SWIB has offloaded the 1 million shares of Grayscale’s GBTC that it held in the first quarter. This move suggests that SWIB is shifting its focus towards Bitcoin ETFs and away from other forms of cryptocurrency investments.
Overall, this news is a positive development for the cryptocurrency industry. The fact that institutional investors like SWIB are investing such large amounts of money in Bitcoin ETFs is a clear indication that cryptocurrencies are becoming more mainstream and are being taken seriously as an investment option. As more institutional investors enter the market, it’s likely that we’ll see even more growth and development in the cryptocurrency industry in the coming years.
