The State of Wisconsin Investment Board (SWIB) has significantly increased its bitcoin (BTC) investment in the last three months of the year.

According to a 13F filing on Friday, the board disclosed ownership of just over 6 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of December 31, up from roughly 2.9 million shares three months prior.

The position was valued at $321 million as of year-end and would be worth about $588 million at bitcoin’s current price near $98,000.

A Growing Interest in Bitcoin ETFs

The fund, established in 1951, oversees more than $156 billion in assets, including funds from the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF). The board manages investments on behalf of state employees and other trust funds.

SWIB is not the only institution to show interest in bitcoin ETFs. The State of Michigan Retirement System also reported owning shares of bitcoin ETFs, including the 21Shares Bitcoin ETF (ARKB) and two of Grayscale’s bitcoin products.

Quarterly Filings Shed Light on Institutional Investors’ Interest in Bitcoin

Today marks the deadline for institutional investors managing at least $100 million in assets to report quarterly holdings to the Securities and Exchange Commission (SEC). The market is closely monitoring these filings to gauge whether large traditional finance firms have been adding bitcoin ETFs to their portfolios since their launch last year.

Conclusion

The increased interest in bitcoin ETFs from institutional investors like SWIB suggests a growing recognition of the potential benefits of cryptocurrency investing. As the market continues to evolve, it will be interesting to see how other major investors approach the landscape.

FAQs

Q: What is the State of Wisconsin Investment Board?

A: The State of Wisconsin Investment Board (SWIB) is a public pension fund that oversees more than $156 billion in assets, including funds from the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF).

Q: What is the 13F filing?

A: The 13F filing is a quarterly report submitted to the Securities and Exchange Commission (SEC) by institutional investors managing at least $100 million in assets, detailing their holdings and transactions.

Q: What is a bitcoin ETF?

A: A bitcoin ETF (exchange-traded fund) is an investment fund that tracks the performance of bitcoin, allowing investors to gain exposure to the cryptocurrency without directly buying or storing it.

Q: Why are institutional investors interested in bitcoin?

A: Institutional investors are interested in bitcoin due to its potential for long-term growth, diversification benefits, and the increasing adoption of the cryptocurrency in various industries and use cases.

Q: What is the current price of bitcoin?

A: The current price of bitcoin is near $98,000.

Q: How much is the State of Wisconsin Investment Board’s bitcoin position valued?

A: The State of Wisconsin Investment Board’s bitcoin position is valued at $321 million as of year-end and would be worth about $588 million at bitcoin’s current price near $98,000.