Bitcoin ETF

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Grayscale Bitcoin Trust

<p>The State of Wisconsin invested $164 million in spot Bitcoin ETFs (exchange-traded funds) in the first quarter as institutional interest in the king of cryptos grows.</p>
<p>The state’s investment board acquired 94,562 iShares Bitcoin Trust (IBIT) ETF shares worth about $100 million and $64 million worth of shares in the Grayscale Bitcoin Trust (GBTC), according to a <a href="https://www.sec.gov/Archives/edgar/data/854157/000106299324010116/0001062993-24-010116-index.htm" target="_blank" rel="noopener noreferrer nofollow">filing</a> with the US Securities and Exchange Commission (SEC).</p>
<p>The investment board has over $156 billion in assets under management that are owned by the Wisconsin Retirement System (WRS), the State Investment Fund, and other state trust funds.</p>
<p>The disclosure comes days after New Hampshire state representative Keith Ammon said the state should consider allocating some of its reserves into Bitcoin ETFs.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Should the State of New Hampshire investigate allocating a small percentage of its reserves into a Bitcoin ETF? 🧵</p>
 <p>— Rep. Keith Ammon (@RepKeithAmmon) <a href="https://twitter.com/RepKeithAmmon/status/1789734542401552781?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 12, 2024</a></p>
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<p>Ammon noted that if New Hampshire had invested 5% of its emergency fund in Bitcoin in 2016, it would have already made a 10x return.</p>
<h2 id="institutions-flock-to-bitcoin-etfs">Institutions Flock To Bitcoin ETFs</h2>
<p>Bloomberg ETF analyst Eric Balchunas said that Wisconsin’s investment in Bitcoin ETFs shows growing interest from “big fish institutions.”</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Wow, a state pension bought <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$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" rel="noopener noreferrer nofollow">https://t.co/leKVe2CK1S</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1790391049560498410?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 14, 2024</a></p>
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<p>First-quarter disclosures by institutions show that a number of them are holding Bitcoin ETFs. Multinational bank BNB Paribas filed its <a href="https://fintel.io/i13f/bnp-paribas-arbitrage/2024-03-31-0" target="_blank" rel="noopener noreferrer nofollow">13F report</a> with the SEC on May 1, showing it holds 1,030 IBIT shares.</p>
<p>JPMorgan also <a href="https://www.sec.gov/Archives/edgar/data/19617/000001961724000369/xslForm13F_X02/Information_Table_03.31.2024.xml" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> that it holds over $750,000 worth of Bitcoin ETF shares. In its filing, the bank revealed a diversified investment portfolio with investments in ETFs managed by BlackRock, Fidelity, Grayscale, ProShares, and Bitwise.</p>
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State Of Wisconsin Invests $164 Million In Spot Bitcoin ETFs As ”Big Fish Institutions” Endorse BTC

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