Wisconsin Investment Board Increases Holdings in BlackRock's Bitcoin ETF

The State of Wisconsin Investment Board made significant adjustments to its cryptocurrency investments in the second financial quarter of 2024, signaling a strategic shift in its approach to crypto exposure. The Board purchased an additional 447,651 shares of BlackRock’s iShares Bitcoin Trust, bringing its total holdings to 2,898,051 shares, valued at $98.9 million by the end of the quarter. While this move increased its share count, a decline in the ETF’s price resulted in a slight decrease in the overall value of the position.

Simultaneously, the Board decided to completely exit its position in the Grayscale Bitcoin Trust (GBTC), selling all shares previously valued at $63.7 million. This marks a clear move away from GBTC, as the Board appears to be consolidating its Bitcoin exposure through BlackRock’s ETF, which now holds the largest market share among spot bitcoin ETFs at 58.8%.

In addition to these adjustments, the Board also increased its investments in other key players in the crypto space. It added 5,980 shares of Coinbase, raising its total holdings to 98,446 shares, worth nearly $21.9 million, and purchased 77,996 shares of Marathon Digital, bringing its total stake in the bitcoin mining company to 115,084 shares, valued at around $2.3 million. These moves suggest a continued, though more focused, interest in the cryptocurrency sector, with a preference for established and promising assets.

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