Wisconsin Sells Its Entire $350M Holding in Spot Bitcoin ETF

Wisconsin’s State Investment Board Completely Divests $350 Million Spot Bitcoin ETF Position

The State of Wisconsin Investment Board (SWIB), an early institutional investor in spot bitcoin ETFs, has fully sold off its entire stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the first quarter of 2025, following a 12% decline in bitcoin prices.

At the close of 2024, SWIB owned more than 6 million shares of IBIT, valued at roughly $350 million. Its latest 13F filing reveals the fund has now exited this position entirely.

This sale marks a reversal from SWIB’s aggressive bitcoin exposure increase just months earlier. In late 2024, the board had more than doubled its holdings in IBIT from around 2.9 million shares to over 6 million shares, signaling a strong institutional bet on crypto.

Additionally, SWIB expanded its indirect bitcoin exposure by acquiring approximately 26,571 shares of MicroStrategy (MSTR) in Q1 2025, with a market value near $10.5 million.

Established in 1951, SWIB manages more than $160 billion in assets, primarily serving Wisconsin state employees through the Wisconsin Retirement System and related funds.

Meanwhile, Mubadala Investments, Abu Dhabi’s sovereign wealth fund, increased its position in BlackRock’s IBIT during the first quarter, adding roughly 490,000 shares valued at $29 million, as indicated in its latest filings.

Bitcoin has rallied 27% since the end of Q1, currently trading close to $103,750.

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