Bitcoin ETF

Bitcoin

<p class="is-style-lead">Wisconsin’s Investment Board has capital invested in the two largest spot Bitcoin ETFs and shares in several crypto companies.&nbsp;</p>
<p>A U.S. SEC <a href="https://www.sec.gov/edgar/search/#/q=Bitcoin&amp;dateRange=custom&amp;entityName=Wisconsin&amp;startdt=2024-05-14&amp;enddt=2024-05-14" target="_blank" rel="noopener noreferrer nofollow">filing</a> on May 14 showed that the State of Wisconsin holds 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth almost $99.1 million.</p>
<p>According to the document, the jurisdiction also owns over 1 million Grayscale GBTC shares valued at more than $63.3 million at the close of March. The filing indicates that Wisconsin’s government purchased its spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) ETF shares before the year’s first quarter ended.&nbsp;</p>
<h2 class="wp-block-heading" id="bitcoin-etf-adoption-expands">Bitcoin ETF adoption expands&nbsp;</h2>
<p>Established in 1951, the State of Wisconsin Investment Board manages and invests public and trust funds for the state. Despite <a href="https://crypto.news/jamie-dimon-on-bitcoin-dont-get-involved/" target="_blank" rel="noopener noreferrer nofollow">skepticism</a> from Wall Street figures like JPMorgan Chase CEO Jamie Dimon, the investment reaffirms an appetite for Bitcoin-backed products in the United States.</p>
<p>ETF expert <a href="https://x.com/EricBalchunas/status/1790391049560498410" target="_blank" rel="noopener noreferrer nofollow">Eric Balchunas</a> said Wisconsin’s decision could herald entries from other institutions and government agencies. The state’s investment board also has holdings in crypto equities from firms like Coinbase, Riot Platform, and MicroStrategy.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/wells-fargo-grayscale-bitcoin-etf/" rel="noopener noreferrer nofollow"> Wells Fargo invests in Grayscale spot Bitcoin ETF </a></p>
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   <p lang="en" dir="ltr">Wow, a state pension bought <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IBIT</a> in first quarter. Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds <a href="https://t.co/leKVe2CK1S" target="_blank" rel="noopener noreferrer nofollow">https://t.co/leKVe2CK1S</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1790391049560498410?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 14, 2024</a>
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<p>Spot <a href="https://crypto.news/?s=bitcoin+etf" target="_blank" rel="noopener noreferrer nofollow">BTC ETFs</a> have recorded a staggering run since the U.S. SEC issued approval for 11 products in January. The largest new market player, BlackRock, nearly rivals incumbent Grayscale, and 10 new issuers have amassed over $20 billion in assets under management less than six months after launch.</p>
<p>Banks like <a href="https://crypto.news/bank-of-america-wells-fargo-bitcoin-etfs/" rel="noopener noreferrer nofollow">Wells Fargo</a>, which initially shunned the products, have since enabled exposure to spot BTC ETFs for clients and even <a href="https://crypto.news/wells-fargo-grayscale-bitcoin-etf/" rel="noopener noreferrer nofollow">invested</a> in-house capital in offerings from Grayscale.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/dont-expect-quick-gains-solely-because-of-spot-bitcoin-etfs-opinion/" rel="noopener noreferrer nofollow"> Don’t expect quick gains solely because of spot Bitcoin ETFs | Opinion </a></p>

Wisconsin holds nearly $170m in Bitcoin ETFs

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