U.S. State Boosts Bitcoin Exposure with Major ETF Investment

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Cryptodnes2024/08/15 15:03

By:Cryptodnes

The State of Wisconsin Investment Board (SWIB) has significantly increased its investment in Bitcoin, now holding nearly $99 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) ETF.

This marks a notable rise from the 2.5 million shares previously reported at the end of March, while the board has sold off its 1 million shares of Grayscale’s GBTC.

SWIB, tasked with managing Wisconsin’s state funds, has been expanding its exposure to digital assets. This trend aligns with broader state-level interest in Bitcoin investments.

For example, the State of Michigan Retirement System recently acquired 110,000 shares in the ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $6.6 million.

Institutional Investors Increase Bitcoin ETF Holdings in Q2

Meanwhile, the Bitcoin ETF market has seen significant fluctuations. From August 12 to August 13, U.S. Bitcoin ETFs experienced nearly $67 million in inflows.

Notably, BlackRock’s IBIT ETF saw its inflows double during this period, while Grayscale’s GBTC faced growing outflows. Other Bitcoin ETFs like Bitwise’s BITB and ARK 21Shares’ ARKB also recorded mixed results, with ARKB achieving a positive net inflow despite BITB experiencing net outflows.

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