The Wisconsin Investment Board has increased its stake in Bitcoin by acquiring additional shares in a well-known crypto ETF.
A recent filing with the Securities and Exchange Commission indicates that the SWIB now holds over 6 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) fund, valued at $335.9 million as of the current report.
Previously, the SWIB revealed it had purchased shares from both BlackRock and Grayscale Bitcoin ETFs, which had a combined worth of $163 million at that time. However, the latest filing shows that its crypto investments are now solely with IBIT.
The SWIB manages the pension funds and other trusts for the residents of the state. Its investment portfolio spans various assets, including technology stocks and gold.
Last year, the SEC granted approval for 11 spot Bitcoin ETFs, enabling these products to trade on U.S. stock exchanges after a prolonged period of rejections. Investors can now purchase shares that reflect Bitcoin’s price without the hassle of managing the asset personally.
Following their approval, capital influx into the space has surged, with Bitcoin reaching new all-time highs, most recently peaking just under $109,000 in January.
Institutional investors can now participate in the crypto market through these regulated funds.
Other U.S. pension funds are also increasing their crypto exposure. For instance, last year the Michigan Retirement System announced that it invested in both Bitcoin and Ethereum ETFs.
Edited by Andrew Hayward
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