Wisconsin’s Investment Board has invested in the two most prominent spot Bitcoin ETFs and owns stock in many cryptocurrency startups.
According to a May 14 United States Securities and Exchange Commission (SEC) filing, the State of Wisconsin owns 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth over $99.1 million.
According to the statement, the jurisdiction also owns over 1 million Grayscale GBT shares, worth more than $63.3 million at the end of March. According to the document, the Wisconsin government purchased spot Bitcoin (BTC) ETF shares before the year’s first quarter concluded.
Wisconsin Bitcoin ETF Adoption Increases
The State of Wisconsin Investment Board, established in 1951, oversees and invests in the state’s public and trust assets. Despite mistrust from Wall Street elites such as JPMorgan Chase CEO Jamie Dimon, the investment confirms the need for Bitcoin-backed products in the United States.
According to ETF specialist Eric Balchunas, Wisconsin’s decision may pave the way for other institutions and government organizations to participate. The state’s investment board also owns crypto stocks from companies such as Coinbase, Riot Platform, and MicroStrategy.
Spot BTC ETFs have surged since the SEC approved 11 products in January. BlackRock, the most significant new market player, now competes with incumbent Grayscale, and ten new issuers have more than $20 billion in assets under management less than six months after inception.
Banks such as Wells Fargo, which first rejected the products, have recently allowed clients to have exposure to spot BTC ETFs and even invested in Grayscale’s offerings.