The State of Wisconsin Investment Board (SWIB), a key institutional investor managing assets for Wisconsin’s retirement and public investment funds, has unexpectedly exited its position in BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT). According to its latest SEC filing, SWIB no longer holds any IBIT shares—previously worth over $321 million.
Early Support, Sudden Exit
SWIB was among the first U.S. state-managed funds to embrace spot Bitcoin ETFs following their approval by the U.S. Securities and Exchange Commission (SEC) in January 2024. At that time, SWIB made headlines for purchasing $99.2 million in IBIT shares, along with $64 million in Grayscale’s Bitcoin Trust (GBTC). The move was seen as a milestone for institutional Bitcoin adoption and even inspired states like New Hampshire to consider similar strategies.
However, SWIB began trimming its crypto-related holdings just a few months later. By the second quarter of 2024, it had fully divested from GBTC, even as it increased its IBIT position to nearly 2.9 million shares, worth over $107 million.
The 2025 SEC Filing: A Strategic Shift?
As per SWIB’s most recent Form 13F filing for Q1 2025, the agency has now dumped its entire IBIT position, raising questions about its investment strategy. No official explanation has been provided for the move, but it marks a significant shift away from Bitcoin-related ETFs.
Despite pulling out of IBIT, SWIB still holds a variety of digital asset stocks:
- $18.8 million in Coinbase (COIN)
- Over $1 million in Marathon Digital
- $14.2 million in Robinhood (HOOD)
These holdings suggest that while the agency is stepping back from direct Bitcoin ETF exposure, it continues to see value in the broader crypto and fintech ecosystem.
IBIT Remains on Top Despite the Exit
Even as the State of Wisconsin Investment Board exits, other institutional players are doubling down on IBIT. Goldman Sachs, for instance, has emerged as the largest known holder of IBIT globally, with a Q1 2025 position of 30.8 million shares worth approximately $1.4 billion, according to data from MacroScope.
IBIT also recently completed a 20-day inflow streak, bringing in over $5 billion and reinforcing its dominance among spot Bitcoin ETFs by assets under management.
