Wisconsin State Investment Board Divests $321 Million in Shares of BlackRock's Bitcoin Exchange-Traded Fund (ETF)
Wisconsin's State Investment Board (SWIB) has dumped its BlackRock-managed Bitcoin ETF shares, selling off over $320 million worth of iShares Bitcoin Trust (IBIT) stocks. This shocking decision, made public in SWIB's Q1 2025 Form 13F filing, offloads more than 6 million IBIT shares the agency had held since the end of 2024.
SWIB, a trendsetter among U.S. states, bought $99.2 million of IBIT shares in 2024 when the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. However, the reasons behind SWIB's abrupt exit remain unclear, especially since Bitcoin's value surged about 25% in 2025, reaching over $103,000[1][2][3][4][5]. It's possible that the dip in Bitcoin prices earlier in the year may have triggered a reassessment of risk or portfolio strategy by SWIB management.
While SWIB exited Bitcoin ETFs, it's worth noting that other heavyweights are still loading up. For instance, American multinational investment bank Goldman Sachs has been accumulating IBIT shares this year, becoming the largest known IBIT holder internationally, with holdings of 30.8 million shares valued at around $1.4 billion[1]. Goldman's consistent buys have solidified IBIT's dominance in the spot Bitcoin ETF market, with the product being the largest by assets under management.
However, IBIT recently ended a 20-day inflow streak during which at least $5 billion moved into the fund. Meanwhile, SWIB opted for indirect Bitcoin exposure by purchasing $10.5 million worth of MicroStrategy (MSTR) shares in Q1 2025, shifting away from direct ETF holdings.
Contrary to SWIB's decision, the Abu Dhabi sovereign wealth fund, Mubadala, increased its holdings in IBIT during Q1 2025, purchasing nearly half a million shares and raising its total to over 8.7 million shares valued at around $512 million[1]. This indicates that while SWIB exited the Bitcoin ETF market, major institutional investors like Mubadala continue to acquire stakes in IBIT.
This nuanced information about SWIB's Bitcoin ETF divestment suggests it was a strategic decision rather than a broader institutional exit from BlackRock's Bitcoin Trust.
The Wisconsin's State Investment Board (SWIB), despite selling off over $320 million worth of iShares Bitcoin Trust (IBIT) stocks, appears to have opted for indirect Bitcoin exposure by purchasing MicroStrategy (MSTR) shares in Q1 2025. On the other hand, the Abu Dhabi sovereign wealth fund, Mubadala, increased its holdings in IBIT during the same quarter, indicating that major institutional investors continue to invest in the Bitcoin ETF market. Interestingly, while Goldman Sachs has been accumulating IBIT shares this year, becoming the largest known IBIT holder internationally, SWIB's reasons for their abrupt exit remain unclear, despite Bitcoin's value surging about 25% in 2025.
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