Wisconsin State’s $163M Investment in Bitcoin ETFs: Spotlight on BlackRock and Grayscale (BTC)

  • The State of Wisconsin’s Investment Board has invested nearly $163 million in top Bitcoin exchange-traded funds (ETFs), according to a recent regulatory filing.
  • The board purchased 2,450,400 shares of BlackRock’s iShares Bitcoin Trust (IBIT) ETF and 1,013,000 shares of the Grayscale Bitcoin Trust (GBTC).
  • This move signifies the growing interest of traditional institutions in gaining exposure to Bitcoin.

The State of Wisconsin’s Investment Board has made a significant investment in Bitcoin ETFs, highlighting the growing interest of traditional institutions in the cryptocurrency market.

Wisconsin’s Investment Board Dives into Bitcoin ETFs

The State of Wisconsin’s Investment Board has made a substantial investment in Bitcoin exchange-traded funds (ETFs). According to the 13F form filed with the United States Securities and Exchange Commission (SEC), the board purchased 2,450,400 shares of BlackRock’s iShares Bitcoin Trust (IBIT) ETF, now valued at $99.1 million, and 1,013,000 shares of the Grayscale Bitcoin Trust (GBTC) worth $63.6 million, in the first quarter of this year.

Traditional Institutions Seeking Exposure to Bitcoin

The filing showcases the example of traditional institutions seeking exposure to the biggest cryptocurrency by market cap. IBIT and GBTC are two of the popular investment vehicles that give investors an easy way to get exposure to Bitcoin. They trade on an American stock exchange. IBIT, in particular, has broken records since its January launch, notching huge inflows as ordinary people buy in on the Bitcoin craze.

The Impact of ETFs on Bitcoin Investment

The ETFs—approved by the SEC in January—allow traditional investors to get exposure to Bitcoin. Before, buying the cryptocurrency was considered complex as one would have to use a crypto exchange and store the digital asset. But following the historic approval of the 11 ETFs, investors can now buy shares that trade on a U.S. stock exchange. The shares track the price of the digital coin and can easily be bought and sold via brokerage accounts.

Conclusion

The move by the State of Wisconsin’s Investment Board signifies the growing interest of traditional institutions in gaining exposure to Bitcoin. This trend is likely to continue as more institutions recognize the potential of cryptocurrency investments. The availability of Bitcoin ETFs has simplified the process, making it more accessible for traditional investors to enter the crypto market.

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Merritt Vale
Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
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