The post SWIB Boosts Bitcoin Holdings with Over 2.89 Million Shares in BlackRock’s iShares Bitcoin Trust (IBIT) appeared on BitcoinEthereumNews.com.

The State of Wisconsin Investment Board (SWIB) has bolstered its position in BlackRock’s iShares Bitcoin Trust (IBIT) with an additional 447,651 shares. This augmentation raises SWIB’s total IBIT holdings to over 2.89 million shares as of June 30, as indicated by their latest SEC filing. An interesting detail is SWIB’s decision to divest its 1 million shares of Grayscale’s GBTC from the previous quarter. Discover how SWIB’s strategic investments in Bitcoin ETFs reflect broader institutional adoption of cryptocurrency assets and what this means for the future of municipal finance. SWIB Bolsters Bitcoin ETF Holdings SWIB, an autonomous entity responsible for managing assets associated with Wisconsin’s retirement and state investment funds, has significantly increased its exposure to Bitcoin ETFs. The recent SEC filing reveals that the board’s Bitcoin ETF holdings have surged past 2.89 million shares, up from the 2.5 million shares reported at the end of March. The strategic shift also includes unloading its 1 million shares in Grayscale’s GBTC, affirming its preference for BlackRock’s groundbreaking IBIT. Diversification in Cryptocurrency Assets Besides IBIT, SWIB has diversified its crypto assets by acquiring shares in prominent cryptocurrency-related entities such as Coinbase, Marathon Digital, Robinhood, and Block Inc. This approach underscores a broader trend among institutional investors to embrace various facets of the crypto market, despite recent volatility. The expansion into different crypto avenues highlights the board’s commitment to integrating diversified and modern assets into its portfolio. Institutional Adoption on the Rise Interestingly, the trend of adopting spot Bitcoin ETFs is not exclusive to SWIB. The State of Michigan Retirement System, as of July 26, reported holding 110,000 shares of the ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $6.6 million. It’s pertinent to note that this represents a mere 0.004% of Michigan’s total $143.9 billion assets under management, suggesting that while the…

---

Filed under: News - @ August 15, 2024 9:21 pm