The State of Wisconsin’s pension arm has disclosed that it has more than doubled its exposure to Bitcoin, now holding $321 million in ETFs.
According to a Friday 13F filing with the US Securities and Exchange Commission, the State of Wisconsin Investment Board (SWIB) has increased its Bitcoin exposure. The state-owned pension fund revealed it now holds $321 million worth of Bitcoin exchange-traded funds (ETFs).
Wisconsin’s Pension Doubles Down on Bitcoin
At the end of Q4 2024, the pension fund disclosed holding $104 million in Bitcoin ETFs, specifically, 2,889,251 BlackRock iShares Bitcoin Trust (IBIT) shares. Notably, this was a massive step down from the Wisconsin pension’s initial exposure to the Bitcoin products.
For context, the SWIB held $164 million worth of Bitcoin ETFs in Q1 2024, becoming one of the early pioneers of the funds. The pension fund disclosed 2.4 million shares ($100 million) of IBIT and 1 million shares ($64 million) of the Grayscale Bitcoin Trust (GBTC) in its balance sheet.
However, the Feb. 14 filing shows that the state-owned pension fund has doubled down on its Bitcoin exposure. The SWIB bought 3,171,100 more shares of the IBIT between October and December 2024, taking its stash to 6,060,351.
Growing Exposure to Bitcoin
Meanwhile, the Wisconsin pension fund’s extended exposure mirrors a growing rate of Bitcoin acquisition among institutions. Notably, the January 2024 launch of the Bitcoin ETFs provides an easier route for corporate and private firms to invest indirectly in the pioneering cryptocurrency.
Recent 13F filings among notable firms have shown the sources of the incessant inflows into Bitcoin ETFs recorded in the fourth quarter of last year. Notably, Trump’s flirtation with the industry also contributed to this growing interest.
Goldman Sachs revealed earlier in the week that it increased its Bitcoin ETF exposure during the same period and now holds $1.27 billion worth of the products. Top British bank Barclays also disclosed exposure to the funds, buying $131 million of IBIT.
Other firms, such as the Avenir Group, also bought $599 million worth of Bitcoin through the IBIT, while the National Bank of Canada holds $2 million in ETFs.
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