Key Highlights:

• Wisconsin’s investment board increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) to over 6 million shares.
• The state fund was the first of its kind to report a bitcoin ETF purchase in 2024.
• Michigan’s retirement system also disclosed bitcoin ETF holdings in 2024 but has yet to file a year-end disclosure.

Article Content:

Wisconsin’s investment board significantly expanded its bitcoin (BTC) stake in the last quarter of the year. The State of Wisconsin Investment Board (SWIB) reported ownership of just over 6 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of December 31, according to a 13F filing, up from approximately 2.9 million shares three months prior.

This position was valued at $321 million as of year-end but would be worth about $588 million at bitcoin’s current price near $98,000.

In 2024, the fund became the first of its kind to report a bitcoin ETF purchase, initially buying 94,562 shares of IBIT along with some shares of Grayscale’s Bitcoin Trust (GBTC), which it later sold. The State of Michigan Retirement System also reported owning shares of bitcoin ETFs, the ARK 21Shares Bitcoin ETF (ARKB), and two of Grayscale’s bitcoin products.

SWIB, established in 1951, oversees more than $156 billion in assets, including funds from the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF). The board manages investments on behalf of state employees and other trust funds.

Today is the deadline for institutional investors managing at least $100 million in assets to report quarterly holdings to the Securities and Exchange Commission (SEC). The market is closely watching these filings to see if large traditional finance firms have been adding bitcoin ETFs to their portfolios since their launch last year.