Wisconsin Joins Growing List of States Investing in Bitcoin with 321M ETF Purchase
According to a recent SEC filing, Wisconsin's state pension fund has substantially increased its position in BlackRock's Bitcoin ETF, joining a growing number of states exploring cryptocurrency investments. The State of Wisconsin Investment Board now holds 6,060,351 shares in the iShares Bitcoin Trust (IBIT), valued at $321.5 million as of December 31, 2024.
The board doubled its IBIT holdings from approximately 2.8 million shares reported at the end of September 2024. This increase came after the fund sold its previous position of 1,013,000 shares in the Grayscale Bitcoin Trust during the second quarter of 2024. The decision aligns with a broader trend, as twenty U.S. states are currently reviewing legislation to establish Bitcoin reserves worth a combined $23 billion.
BlackRock's IBIT has emerged as a market leader, attracting about $41 billion in net inflows since launch. The fund's total assets under management reached $56 billion by February 14, contributing to the total U.S. spot Bitcoin ETF market that now exceeds $100 billion. Major institutions have embraced these funds, with Goldman Sachs investing approximately $2 billion across various cryptocurrency ETFs and showing a 2,000% increase in Ethereum ETF holdings.
Wisconsin's investment strategy extends beyond Bitcoin ETFs. The board maintains positions in several crypto-related companies, including Coinbase, Marathon Digital (MARA Holdings), Robinhood, and Block Inc. This diversification mirrors actions by other state and international entities, such as Abu Dhabi's sovereign wealth fund, which invested $436.9 million in BlackRock's Bitcoin ETF.
The trend of government investment extends globally. Japan plans major crypto regulation reforms by June 2025, while the Czech Republic has eliminated capital gains tax on Bitcoin held over three years. The Czech National Bank is considering converting up to 5% of its reserves (approximately €140 billion) into Bitcoin.
Wisconsin's move represents part of a larger shift in how governments approach digital assets. Arizona leads potential state investments with a proposed $8.7 billion allocation, while Florida plans a $3 billion investment. These initiatives could result in the purchase of approximately 247,000 bitcoins by state governments alone.
