In a recent 13F report filed with the Securities and Exchange Commission (SEC), the Wisconsin Investment Board disclosed significant investments in various cryptocurrency companies, marking a significant foray into the digital asset space.
The Board disclosed ownership of 2,450,400 shares of iShares Bitcoin Trust (IBIT), a physical Bitcoin exchange-traded fund managed by BlackRock, worth approximately $99.2 million as of the end of the first quarter of 2024. Additionally, the Board of Directors disclosed ownership of 1,013,000 shares. Grayscale Bitcoin Trust (GBTC) shares are valued at approximately $63.7 million.
In addition to the Bitcoin Trust, the Board’s cryptocurrency portfolio includes investments in leading cryptocurrency companies such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, and MicroStrategy.
This important move by the Wisconsin Investment Commission highlights the growing institutional interest in digital assets. The board of trustees charged with managing investments for Wisconsin’s public retirement and other trust funds has joined the ranks of institutional investors embracing cryptocurrencies as part of a variety of investment strategies.
BlackRock’s IBIT and Grayscale’s GBTC are the major players with significant market share in the spot Bitcoin ETF market. The Board’s significant investment in these ETFs reflects its confidence in the long-term potential of cryptocurrencies as an asset class.
Commentary from Bloomberg’s ETF analyst highlights the rapid adoption of spot Bitcoin ETFs by institutional investors. The board’s rapid entry into IBIT marks a departure from the typical timeline for institutional adoption and signals growing confidence in the maturity and liquidity of cryptocurrency ETFs.
IBIT’s rapid growth and outperformance of previous ETF records highlights IBIT’s importance in the evolving investment landscape. As institutional investors continue to explore opportunities in digital assets, the trajectory of spot Bitcoin ETFs like IBIT will likely shape the future of cryptocurrency investment strategies.
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