Wisconsin Investment Board Sells Off $321M in BlackRock’s Bitcoin ETF Holdings

The Wisconsin Investment Board (SWIB), an autonomous agency responsible for managing Wisconsin’s retirement and investment assets, has sold its holdings in BlackRock’s spot Bitcoin exchange-traded fund (ETF).

Initially, SWIB was among the first to invest in spot Bitcoin ETFs, setting a benchmark for other states in the U.S. However, the reason behind the board’s decision to dispose of over $321 million in shares from BlackRock’s iShares Bitcoin Trust (IBIT) just a year after purchasing them remains uncertain.

SWIB Exits IBIT Position

Following the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January 2024, SWIB acquired shares of IBIT valued at $99.2 million. Additionally, the board invested $64 million in Grayscale’s Bitcoin Trust (GBTC), as disclosed in its Form 13F filing for Q1 2024.

This acquisition garnered significant attention and prompted discussions regarding other U.S. states potentially investing portions of their reserves in Bitcoin ETFs. For instance, New Hampshire, which had just formed a strategic Bitcoin Reserve, contemplated taking cues from Wisconsin’s investment decisions.

Although SWIB eventually divested from its GBTC shares by the second quarter of 2024, the agency increased its holdings in IBIT to nearly 2.9 million shares, estimated to be worth at least $107 million at that point. The organization also invested in shares from various cryptocurrency entities, including the digital exchange Coinbase, Bitcoin miner Marathon Digital, and blockchain financial service providers Robinhood and Block Inc.

The most recent Form 13F report filed with the SEC for the first quarter of 2025 indicates that SWIB still retains at least $18.8 million in shares of Coinbase, despite selling its position in BlackRock’s IBIT. Additionally, the agency holds over $1 million in Marathon shares and $14.2 million in Robinhood stock.

IBIT Still Leading Spot Bitcoin ETFs

As SWIB divested its IBIT shares, other financial institutions have continued to invest heavily. A prominent example is Goldman Sachs, which has been consistently acquiring IBIT shares throughout the year.

Recent revelations from the analytical firm MacroScope indicate that Goldman Sachs has emerged as the largest known holder of IBIT worldwide. According to the bank’s Form 13F filing for Q1 2025 with the SEC, it reported holdings of 30.8 million shares of IBIT, approximating a value of $1.4 billion.

Ongoing purchases from firms like Goldman Sachs have reinforced IBIT’s leading position in the spot Bitcoin ETF sector, making it the largest fund by assets under management.

In the meantime, IBIT has recently concluded a streak of 20 days during which it saw inflows surpassing $5 billion into the fund.