The State of Wisconsin Funding Board (SWIB), one of many first U.S. state pension funds to spend money on a spot bitcoin BTC$103,658.23 exchange-traded fund, exited its place fully within the first quarter as the worth of the biggest cryptocurrency fell about 12%.
At finish of 2024, the board held greater than 6 million shares in BlackRock’s iShares Bitcoin Belief (IBIT), a place valued at round $350 million primarily based on latest costs. That stake is now gone, in line with its newest 13F submitting.
The offload occurred lower than a yr after Wisconsin made headlines as an early institutional adopter of the newly permitted crypto funding automobiles and stands in distinction to the board’s exercise simply months earlier. In late 2024, SWIB greater than doubled its publicity to bitcoin by elevating its IBIT holdings from about 2.9 million to over 6 million shares.
The board added oblique publicity to bitcoin through Technique (MSTR) shares. Within the first quarter it added 26,571 MSTR shares, price round $10.5 million.
Established in 1951, SWIB manages over $160 billion in belongings, serving Wisconsin state staff via the Wisconsin Retirement System and different funds.
In distinction, Mubadala Investments, Abu Dhabi’s sovereign wealth fund, elevated its stake in BlackRock’s IBIT within the first quarter of the yr. The fund, its newest 13F exhibits, added in somewhat over 490,000 shares valued at round $29 million.
Bitcoin has risen 27% to commerce close to $103,750 because the finish of the quarter.
