The State of Wisconsin Investment Board (SWIB) has recently made headlines as the first state pension fund to invest in Bitcoin Exchange-Traded Funds (ETFs). A recent filing with the Securities and Exchange Commission (SEC) reveals that SWIB holds nearly $100 million in BlackRock’s spot Bitcoin ETF (IBIT).

This landmark disclosure positions SWIB as the pioneering state-level institution to publicly announce its investment in spot Bitcoin ETFs, signaling a significant move towards integrating Bitcoin into traditional investment portfolios.

Commenting on the development, Eric Balchunas, Bloomberg’s Senior ETF Analyst, said, “It’s remarkable to see a state pension fund like SWIB buying into $IBIT so early. Typically, such large institutions take a year or more to appear in 13F filings after an ETF launch, once there’s more liquidity. This is no ordinary launch.”

The filing also reveals that SWIB holds over $63 million in Grayscale’s spot Bitcoin ETF (GBTC), bringing its total Bitcoin ETF holdings to over $162 million.

The latest 13F filings show a growing institutional interest in Bitcoin ETFs, with other prominent investors like JPMorgan Chase, the largest bank in America, also disclosing their spot Bitcoin ETF holdings as market makers.

“This investment represents a small fraction of a massive public fund, with the total value of all positions in the 13F filing amounting to $37.8 billion,” said market researcher and analyst MacroScope. “However, the long-term implications are profound. Wisconsin now stands as the second-largest global holder of IBIT. This move will likely be closely watched and potentially followed by other state investment boards in the coming quarters.”