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The Wisconsin Investment Board (SWIB) has modified its cryptocurrency asset investment strategy, according to recent SEC filings. The updates reveal a reduction in its position in the Grayscale Bitcoin 
$101,328 Trust while simultaneously increasing its stake in BlackRock’s iShares Bitcoin ETF.
SWIB’s New Investment Move
The new filing indicates that SWIB holds 6,060,351 shares of BlackRock’s IBIT, valued at over $335.3 million. This is a significant increase from the previous May report, which showed 2,450,400 shares of IBIT and approximately $57 million worth of Grayscale products in its portfolio.
Developments in the ETF Market
Notably, SWIB’s latest submissions did not include any information regarding the Grayscale products, emphasizing the increase in the BlackRock ETF. IBIT stands out as the largest digital asset fund in the market, boasting an asset value of $56.38 billion. Other digital asset representation products mentioned include Fidelity’s FBTC and Grayscale.
The SEC’s approval of a spot Bitcoin ETF in January 2024 has led to increased market interest and asset inflows. This development is considered in line with the strategic moves of institutions within the cryptocurrency sector. The organization also focuses on a diversified investment portfolio for retirement and funds, attracting notable attention.
In addition to cryptocurrency, SWIB invests in traditional assets such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, and Microstrategy. The diverse portfolio structure reflects the institution’s approach to achieving diversification in its long-term investment strategies.
The actions taken by SWIB indicate a reassessment of risk and return within its portfolio management strategy. The investment organization continues to review the distribution of digital asset representation products in its portfolio to adapt to changing market conditions over time.
