Wisconsin Pension Fund Doubles Bitcoin Holdings, Now Worth Over $320 Million
Bitcoin (BTC) continues to gain traction among deep-pocketed investors, with pension funds now joining the wave of adoption, even as concerns over inflation persist and regulatory clarity improves.
On Friday, the State of Wisconsins pension fund disclosed that it has more than doubled its Bitcoin holdings. A filing with the U.S. Securities and Exchange Commission (SEC) confirmed that the State of Wisconsin Investment Board (SWIB) now holds approximately $321 million in Bitcoin exchange-traded funds (ETFs).
Notably, SWIBs latest filing builds on its May 2024 disclosure, which reported $163 million in Bitcoin ETF holdings, including approximately $99.1 million in BlackRocks iShares Bitcoin Trust (IBIT), the same fund UAEs Mubadala Investment Co invested about $435 million in this week. SWIB held around 1 million Grayscales Bitcoin Trust (GBTC) shares, valued at $63.7 million.
Beyond Bitcoin ETFs, SWIB has also invested in various crypto-related companies, including Coinbase, Marathon Digital, Riot Platforms, Block, and MicroStrategy, indicating a broader institutional shift toward crypto assets.
Founded in 1951, SWIB manages assets for public pension funds and other trusts. By the end of 2023, its total assets under management (AUM) reached $156 billion.
Wisconsins move aligns with a growing trend among pension funds worldwide. Institutional players, traditionally known for their conservative approach, are now showing increased interest in Bitcoin.
In the U.S., policymakers are also recognizing Bitcoins potential role in retirement portfolios. U.S. Senator Cynthia Lummis has publicly encouraged Americans to consider Bitcoin as a long-term retirement asset, stating in January, I encourage people to save Bitcoin for their retirement, for their future.
In the same month, Indiana Rep. Teshka and Kansas Senator Bowser introduced bills advocating for public employee retirement funds to allocate up to 10% of their portfolios to Bitcoin ETFs. Meanwhile, Michigans pension fund became the first to invest in Grayscales Ethereum ETF last November, although it still holds around $7 million in ARK 21Shares BTC ETF shares.
That said, interest in Bitcoin as an institutional asset is not confined to the United States. Last November, a UK pension fund allocated 3% of its $65 million AUM directly into Bitcoin instead of ETFs, signaling a shift in strategy among international institutional investors.
Elsewhere, Japans Government Pension Investment Fund (GPIF), the worlds largest pension fund with $1.5 trillion in AUM, announced last March it had begun studying Bitcoin as part of its diversification strategy alongside gold, timber, and farmland.
Bloomberg analyst Eric Balchunas has previously weighed in on the trend, commenting, Institutions tend to move in herds, suggesting that more pension funds may follow SWIBs lead.
Read more: https://zycrypto.com/wisconsin-pension-fund-doubles-bitcoin-holdings-now-worth-over-320-million/
Text source: ZyCrypto
