- The State of Wisconsin Investment Board has disclosed buying $99 million worth of BlackRock’s Spot Bitcoin ETF (iShares Bitcoin Trust IBIT)
- This is another example of a prominent financial institution investing in a Bitcoin ETF after their approval in January 2024
- BlackRock has proven to be the most successful issuer of the initial 11 approved Bitcoin ETFs so far
The State of Wisconsin Investment Board (SWIB) has made a major investment in bitcoin, purchasing $99 million worth of BlackRock’s Spot Bitcoin exchange-traded fund (ETF). This latest purchase highlights the growing institutional demand for regulated bitcoin investment products.
SWIB’s Purchase of BlackRock’s Bitcoin ETF
The SWIB disclosed the bitcoin ETF purchase in a recent filing with the U.S. Securities and Exchange Commission (SEC). The SWIB is responsible for managing the assets of the Wisconsin Retirement System and other state trust funds.
The $99 million investment went into BlackRock’s iShares Bitcoin Trust ETF (BITO), one of several spot bitcoin ETFs approved by the SEC earlier this year. These ETFs have quickly become popular with institutional investors like banks and pension funds looking for regulated and insured ways to gain exposure to bitcoin.
Significance for Bitcoin Adoption
The SWIB’s bitcoin allocation signals growing institutional conviction in bitcoin’s long-term value proposition. Major banks like JPMorgan and Wells Fargo have also bought shares in spot bitcoin ETFs this year.
BlackRock‘s scale and reputation as the world’s largest asset manager have made its bitcoin ETF one of the most successful so far. Surging institutional demand for BlackRock’s BITO and other spot bitcoin ETFs reflects increasing mainstream acceptance of bitcoin as an investable asset class.
More major institutional investments in bitcoin investment vehicles can be expected going forward as cryptocurrency continues its push into the financial mainstream. The SWIB’s purchase shows that even pension funds overseeing the retirement assets of public employees are now allocating to bitcoin.
Conclusion
The SWIB’s $99 million bitcoin ETF buy underscores the growing appetite for bitcoin exposure among institutional investors. As regulated bitcoin investment products proliferate, more major institutions and retirement funds can be expected to add bitcoin allocations. This will help drive further mainstream adoption and positive price appreciation for bitcoin.
