- Bitcoin ETFs are gaining traction among institutional investors, according to Bloomberg ETF analyst Eric Balchunas.
- The State of Wisconsin in the US has reportedly purchased 94,562 shares of BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), in the first quarter of the year.
- Balchunas anticipates an increase in the number of institutions investing in Bitcoin, stating that “you can expect more because institutions usually move in herds.”
As Bitcoin ETFs gain popularity among institutional investors, the State of Wisconsin makes a significant investment in BlackRock’s iShares Bitcoin Trust, signalling a potential trend in the crypto market.
Wisconsin’s Investment in Bitcoin ETF
The State of Wisconsin in the US has reportedly made a significant investment in Bitcoin. According to official documents, the state purchased 94,562 shares of BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), in the first quarter of the year. This investment is equivalent to approximately $100 million.
Increasing Institutional Interest in Bitcoin
Bloomberg ETF analyst Eric Balchunas suggests that this move by Wisconsin is indicative of a larger trend. He believes that more institutions will invest in Bitcoin, stating that “you can expect more because institutions usually move in herds.” Spot Bitcoin exchange-traded funds (ETFs) have historically had some of the best openings in the US. According to data from Farside Investors, ETFs that started trading on January 11 saw a net inflow of $11.85 billion.
About the Wisconsin Investment Board
Known as SWIB, the investment board in Wisconsin was established in 1951 and manages assets worth over $156 billion, according to information on its website.
Conclusion
The State of Wisconsin’s investment in Bitcoin ETFs signals increasing institutional interest in cryptocurrency. As more institutions follow suit, Bitcoin ETFs could see significant growth in the near future.
