Wisconsin State Fuels BlackRock’s Bitcoin ETF with Hefty $99M Investment: A Boost for BTC

  • Institutional investors and US states are displaying heightened interest in the Bitcoin ETF market following regulatory approval by the US Securities and Exchange Commission (SEC) in January.
  • The latest development reveals that Wisconsin’s investment board has invested approximately $100 million in BlackRock’s iShares Bitcoin Trust ETF.
  • Keith Ammon, New Hampshire State Representative and Vice Chair of Commerce and Consumer Affairs, recently initiated a discussion on diversifying the state’s financial reserves by investing in Bitcoin ETFs.

US states and institutional investors are showing increased interest in Bitcoin ETFs, with Wisconsin’s investment board investing $100 million in BlackRock’s iShares Bitcoin Trust ETF.

US States Eye Bitcoin ETF Market

According to a recent 13F form filed with the SEC, the Wisconsin investment board acquired $98.6 million worth of shares in the BlackRock ETF. This significant investment contributes to BlackRock’s growing presence in the newly regulated market, which has experienced a substantial increase in inflows and trading volume since January. In addition, demonstrating the growing interest of US states in exploring opportunities to invest in the Bitcoin ETF market, Keith Ammon, New Hampshire State Representative and Vice Chair of Commerce and Consumer Affairs, recently initiated a discussion on diversifying the state’s financial reserves by investing in Bitcoin ETFs.

BTC ETFs Poised For Expansion?

As reported by CoinOtag on Monday, Ammon’s analysis highlights the potential benefits. It states that if New Hampshire had allocated just 5% ($4.65 million) of its 2016 rainy day fund to Bitcoin, it would now be worth nearly half a billion dollars ($473 million), representing a substantial 10,000% return on investment. Ammon also references Manuel Nordeste, Fidelity’s Vice President of Digital Assets, who emphasizes the growing trend among major pension funds and big banks towards allocating funds to spot Bitcoin ETFs. Nordeste’s insights reveal that 25% of pension managers personally own digital assets, indicating a significant shift in interest within the digital asset market. Ammon suggests that if only 1% of state pension assets under management ($5.5 trillion) were to flow into Bitcoin, it would surpass mining revenue, creating a supply shortage relative to demand and driving further price increases for Bitcoin.

Conclusion

These developments underscore the increasing appeal of Bitcoin ETFs to institutional investors and US states alike. With continued regulatory approval and growing interest, the Bitcoin ETF market seems to be poised to experience further expansion in the coming months. At press time, the largest cryptocurrency in the market is trading at $61,600 after failed attempts to consolidate above Monday’s high of $63,000.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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