Top 10 US Pension Fund Invests $162 Million In Bitcoin ETFs
One of the largest pension funds in the United States disclosed on Tuesday a $162 million allocation to the nation’s leading Bitcoin spot ETF products launched earlier this year.
Per a 13F filing with the Securities and Exchange Commission (SEC), the State of Wisconsin Investment Board (SWIB) held $99 million in the iShares Bitcoin Trust (IBIT) as of March 31.
It also held $63 million in the Grayscale Bitcoin Trust (GBTC), which is BlackRock’s largest competitor in terms of size but also charges a much heftier 1.5% annual management fee.
The allocation marks a major step for Bitcoin’s adoption as a global store of value. The asset’s most fervent bulls have long wished to see it graduate from being a speculative vehicle for retail and hedge fund traders into a treasury reserve asset for corporations and governments.
The 9th largest pension fund in the United States just bought $99 million dollars worth of #bitcoin https://t.co/hHOk8tGM6I pic.twitter.com/quzCXGOG81
— Pledditor (@Pledditor) May 14, 2024
“Normally you don’t get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity),” tweeted Bloomberg ETF analyst Eric Balchuas regarding the SWIB disclosure. “Expect more, as institutions tend to move in herds.”
The reported total value of SWIB’s securities portfolio was $37.8 billion, making its Bitcoin position a mere 0.4% allocation. As of December 31, 2023, SWIB controlled $155 billion in total assets, comprising 85% of the entire Wisconsin retirement system.
While SWIB is the first pension fund to disclose Bitcoin holdings publicly, political efforts are underway to see other states buy shares of the new Bitcoin ETFs as well.
Late last month, Ohio state Rep. Steve Demetriou introduced
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