A surprising development for the entire industry, Wisconsin Investment Commission has sold its entire $350 million stake in Spot Bitcoin ETF. In fact, according to the latest 13th Fed filing with the Securities and Exchange Commission (SEC), the US state pension fund has resigned from its position in BlackRock’s Ishares Bitcoin Trust (IBIT).
The US became the first of its kind to invest in crypto-based ETFs in 2024. Additionally, Bitcoin was sold entirely to the product in the first quarter after a plunge of over 12%. In late 2024, the Investment Committee doubled its position in assets before quickly turning the course back.
Wisconsin will close Bitcoin ETF position in a major shift after landmark investment in 2024
2025 has proven to be an increasingly unstable year for the cryptocurrency market. Bitcoin was the most affected. However, things seem to be back on track after a massive decline in the first quarter. The major cryptocurrency has returned to $102,000 due to JPMorgan’s recent forecast.
But that didn’t stop some from selling their holdings in cryptocurrency. Among them was the Wisconsin Investment Board, which sold the entire $350 million stake in BlackRock’s Bitcoin ETF. In fact, according to a recent SEC filing, the United States has completely ended its position.
Less than a year after Wisconsin first invested in the assets, the turn took place. It was a landmark event that approved a lawsuit in late 2024 that encouraged investments from just 2.9 million shares to six million shares, with the $11 trillion asset manager IBIT product.
That’s a past in the decision to sell. However, they are not completely turned away from their asset class. The board purchased 26,571 shares of Michael Saylor’s Strategy (MSTR). It’s worth $10.5 million, indicating that Wisconsin still accepts indirect revelations to its delayed code.
