Wisconsin Investment Board sold off its Bitcoin ETF stash

4 hours ago

Wisconsin, 1 of the archetypal US states offering Bitcoin vulnerability to its retirees, antecedently held implicit 6 cardinal shares successful BlackRock’s Bitcoin ETF.

Wisconsin Investment Board sold disconnected its Bitcoin ETF stash

The State of Wisconsin Investment Board (SWIB), which oversees the state’s status funds, unloaded its shares successful BlackRock’s iShares Bitcoin Trust ETF (IBIT) during the archetypal quarter, filings show.

The Wisconsin Investment Board reported nary spot Bitcoin ETF positions successful its 13F filing to the US Securities and Exchange Commission connected May 15, liquidating each 6,060,351 IBIT shares it reported holding from the erstwhile quarter.

The much than 6 cardinal IBIT shares are worthy astir $355.6 cardinal astatine existent prices.

SWIB was 1 of the archetypal authorities concern funds to supply Bitcoin vulnerability to US retirees erstwhile it bought $164 cardinal worth of Bitcoin ETFs successful Q1 2024 — the aforesaid 4th the Bitcoin products launched.

The wide sell-off comes lone a 4th aft SWIB reported further purchases of IBIT shares successful Q4, portion reallocating each 1 cardinal shares held successful the Grayscale Bitcoin Trust (GBTC) to IBIT.

SWIB reported managing much than $166 cardinal worthy of assets astatine the extremity of 2024, meaning the Bitcoin ETFs represented astir 0.2% of SWIB’s full portfolio earlier it sold them off.

Meanwhile, Abu Dhabi sovereign wealthiness fund Mubadala snapped up different 491,439 shares of IBIT successful Q1, according to its latest 13F filing.

Its purchases brought Mubadala’s full IBIT shares to 8,726,972 arsenic of March 31, worthy astir $512 cardinal astatine existent prices.

IBIT has been connected a tear

IBIT’s nett inflows surpassed the $45 cardinal people connected May 14 aft signaling a nett inflow of $232.9 million, Farside Investors data shows.

IBIT’s awesome 20-day streak of nett inflows came to an extremity the time earlier — May 13 — erstwhile it registered a “0” inflow connected the day. The BlackRock-issued Bitcoin product inactive hasn’t seen an outflow since April 9 — much than 5 weeks ago.

The Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARK) way IBIT successful all-time nett inflows astatine $11.6 cardinal and $2.7 billion, respectively.