Wisconsin Investment Board Sells Entire $350M Stake in Spot Bitcoin ETF
The State of Wisconsin Investment Board (SWIB), one of the earliest U.S. state pension funds to invest in a spot bitcoin exchange-traded fund (ETF), fully exited its position in BlackRock’s iShares Bitcoin Trust (IBIT) during the first quarter of 2025, amid a roughly 12% decline in bitcoin prices.
At the end of 2024, SWIB held over 6 million shares of IBIT, valued at approximately $350 million based on recent market prices. However, its latest 13F filing reveals the fund has completely divested this stake.
This move comes less than a year after the board made headlines for its early institutional adoption of crypto investment products. In late 2024, SWIB more than doubled its bitcoin exposure by increasing its IBIT holdings from about 2.9 million shares to over 6 million.
Alongside its IBIT holdings, SWIB also boosted indirect bitcoin exposure by adding 26,571 shares of MicroStrategy (MSTR), worth around $10.5 million, in the first quarter of 2025.
Founded in 1951, SWIB manages over $160 billion in assets on behalf of Wisconsin state employees through the Wisconsin Retirement System and other funds.
In contrast, Abu Dhabi’s sovereign wealth fund, Mubadala Investments, increased its position in BlackRock’s IBIT during the same period, adding over 490,000 shares valued at around $29 million, according to its latest 13F filing.
Since the end of Q1, bitcoin has gained 27%, trading near $103,750.
