Wisconsin Investment Board Substitutes Grayscale Bitcoin Trust Stake for BlackRock's iShares Bitcoin ETF

The State of Wisconsin Investment Board (SWIB) seems to have decreased its stake in the Grayscale Bitcoin Trust exchange-traded fund while increasing its holdings in BlackRock's iShares Bitcoin ETF.

The State of Wisconsin Investment Board (SWIB) has reportedly reduced its stake in Grayscale's Bitcoin Trust exchange-traded fund (ETF) while boosting its holdings in BlackRock's iShares Bitcoin ETF.

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), SWIB now holds 6,060,351 shares of BlackRock's IBIT. With the fund trading at $55.33 at the time of writing, SWIB's current exposure to IBIT now stands at over $335.3 million.

In a filing from May, SWIB reported owning just 2,450,400 shares of IBIT. At the same time, the May filing showed that the investment board held 1,013,000 shares of Grayscale's BTC ETF (GBTC), which were collectively valued at around $57 million. In filings submitted this November and this week, SWIB does not report any GBTC holdings.

The State of Wisconsin Investment Board is a state agency that manages investments for public retirement and trust funds. Its investment portfolio includes cryptocurrency, Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, Microstrategy, and various traditional financial instruments.

According to data from Coinglass, IBIT is the largest Bitcoin ETF, with assets under management (AUM) of $56.38 billion. Fidelity's FBTC follows in second place with AUM of $20.19 billion, while GBTC ranks third with AUM of $19.28 billion.

The SEC approved the first spot market Bitcoin ETFs in January 2024, which led to billions of dollars in inflows into the leading digital asset by market capitalization. In July, the regulator also sanctioned several Ethereum (ETH) ETFs to begin trading.