The State of Wisconsin Investment Board has disclosed its purchase of $99 million worth of Spot Bitcoin ETF. Specifically, a recent filing with the US Securities and Exchange Commission (SEC) reveals its purchase of BlackRock’s iShares Bitcoin Trust (IBIT) offering.
This development is yet another example of prominent financial institutions buying into the Bitcoin investment vehicle. Since their approval in January of this year, they have surged in prominence among institutional investors. Among the entities revealed to have Bitcoin ETF exposure are prominent banks like Wells Fargo and JPMorgan.
Also Read: JPMorgan Chase Discloses Spot Bitcoin ETF Portfolio
State of Wisconsin Investment Board Bought $99M of BlackRock Bitcoin ETF
At the start of 2024, the finance sector was engulfed in the discourse surrounding the digital asset sector. Specifically, the arrival of Spot Bitcoin ETFs would have a massive role to play in transforming the market as a whole.
Its presence raised hopes of increased adoption among institutions through the arrival of the investment offerings. Now, just five months into the year, that has proven to be the case. Subsequently, the latest example is the State of Wisconsin Investment Board, which has disclosed buying $99 million in Spot Bitcoin ETFs.
Also Read: Europe’s Second-Largest Bank Buys BlackRock Bitcoin ETF Shares
The SWIB is responsible for the management of assets within various state trust funds, including the Wisconsin Retirement System and State Investment Fund. Subsequently, the filing shows that the nearly $100 million investment was in BlackRock’s Bitcoin ETF offering.
Thus far, BlackRock has proven to be the most successful issuer of the initial 11 approved. That is not a surprise thus far, as its more than $10 trillion in assets under management have only reinforced its position as a trusted issuer. Conversely, the increasing prevalence of institutional investments in the BTC offering does not appear to be slowing down anytime soon.