The State of Wisconsin Investment Board (SWIB) has significantly increased its investment in Bitcoin, now holding nearly $99 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
This marks a notable rise from the 2.5 million shares previously reported at the end of March, while the board has sold off its 1 million shares of Grayscale’s GBTC.
SWIB, tasked with managing Wisconsin’s state funds, has been expanding its exposure to digital assets. This trend aligns with broader state-level interest in Bitcoin investments.
For example, the State of Michigan Retirement System recently acquired 110,000 shares in the ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $6.6 million.
Meanwhile, the Bitcoin ETF market has seen significant fluctuations. From August 12 to August 13, U.S. Bitcoin ETFs experienced nearly $67 million in inflows.
Notably, BlackRock’s IBIT ETF saw its inflows double during this period, while Grayscale’s GBTC faced growing outflows. Other Bitcoin ETFs like Bitwise’s BITB and ARK 21Shares’ ARKB also recorded mixed results, with ARKB achieving a positive net inflow despite BITB experiencing net outflows.
Bitcoin soared to a new all-time high above $119,000 on July 13, extending its bullish momentum on the back of institutional accumulation, shrinking exchange reserves, and technical breakout patterns.
A major shift in the crypto cycle may be approaching as Bitcoin dominance (BTC.D) once again reaches critical long-term resistance.
Galaxy Digital CEO Mike Novogratz reignited a long-running feud with economist and gold advocate Peter Schiff after the latter criticized Биткойн yet again.
Gold advocate Peter Schiff issued a stark warning on monetary policy and sparked fresh debate about Bitcoin’s perceived scarcity. In a pair of high-profile posts on July 12, Schiff criticized the current Fed rate stance and challenged the logic behind Bitcoin’s 21 million supply cap.