Key Takeaways
- Wisconsin sold all 6 million of its IBIT shares worth $355M.
- SWIB was one of the first U.S. pension funds to invest in Bitcoin ETFs.
- Meanwhile, Abu Dhabi's Mubadala increased its IBIT stake to $512M.
The State of Wisconsin Investment Board (SWIB), which manages retirement funds for public employees, has sold its entire stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT), according to a May 15 filing with the U.S. Securities and Exchange Commission.
Previous holdings and strategic shift
SWIB had previously held 6,060,351 shares of IBIT, valued at approximately $355.6 million at current market prices.
This marks a full reversal from its Q4 2024 move, when it not only bought into IBIT but also shifted all 1 million of its Grayscale Bitcoin Trust (GBTC) shares into BlackRock’s offering.
Significance of the liquidation
The liquidation is notable because SWIB was among the first U.S. state-level investment boards to offer Bitcoin exposure to retirees, with an initial $164 million investment into Bitcoin ETFs reported in Q1 2024.
IBIT’s continued dominance
Despite the sell-off, IBIT remains a dominant force in the spot Bitcoin ETF space.
As of May 14, it recorded over $45 billion in net inflows, including a $232.9 million inflow that day alone, based on data from Farside Investors.
IBIT has maintained inflows for over five consecutive weeks, with its last outflow recorded on April 9.
Other major players’ moves
While Wisconsin pulled back, other major players have expanded their positions.
Abu Dhabi’s Mubadala Investment Company acquired an additional 491,439 IBIT shares in Q1, bringing its total holdings to 8.7 million shares — roughly $512 million at current prices.
