As an experienced analyst, I believe that the recent moves by the State of Wisconsin Investment Board (SWIB) to invest in spot Bitcoin ETFs from BlackRock and Grayscale could be a game-changer for the crypto industry. With a total investment of over $163 million in Bitcoin, this pension fund is leading the way for other states to follow suit.
As a crypto investor, I’ve kept a close eye on recent developments in the digital asset space. Exciting news came out this week as the State of Wisconsin Investment Board (SWIB) disclosed filings with the Securities and Exchange Commission (SEC). According to these reports, SWIB has acquired stakes in spot Bitcoin Exchange-Traded Funds (ETFs) offered by both BlackRock and Grayscale.
As an analyst, based on the data from SWIB’s Form 13F for Q1 2024, I discovered that the pension fund invested approximately $64 million in Grayscale’s GBTC and around $99.2 million in BlackRock’s IBIT. The combined Bitcoin investments amounted to over $163 million.
The filing suggested that the crypto investment could be used for the Wisconsin Retirement System.
Other States to Follow?
As a crypto investor, I’m excited about the recent development on May 15, when “Macro Scope,” a renowned macroeconomics analyst, predicted that other states might soon follow suit in allowing Bitcoin investments. This comes after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs with regulatory oversight, making it easier for investors to access this digital asset class.
Each state is currently engaged in calculating this matter, and Wisconsin’s revelation from yesterday will surely influence these discussions.
Delve into the entire discussion, with a particular focus on the liability aspects. Each state is currently engaged in calculating the potential costs. Yesterday, Wisconsin revealed some information that is sure to be incorporated into these ongoing discussions.
— MacroScope (@MacroScope17) May 15, 2024
Member comments poured in following New Hampshire House Representative Keith Ammon’s praise of Bitcoin investments earlier this week.
On May 13th, Ammon inquired if it would be worthwhile for New Hampshire to consider investing a modest portion of its reserves in a Bitcoin Exchange-Traded Fund (ETF) by asking, “Is it advisable for the State of New Hampshire to explore designating a minimal percentage of its reserves for investment in a Bitcoin ETF?”
The State of New Hampshire would have reaped significant rewards if they had invested 5% of their 2016 “rainy day fund” in Bitcoin and held onto it. This investment would be equivalent to nearly half a billion dollars today, resulting in an impressive return on investment (ROI) of over 10,000%.
On May 16, Ammon expressed concern over the potential dollar devaluation and added that New Hampshire faces a significant debt of approximately $1.25 billion towards its state pension system. He questioned how the state could manage to extricate itself from this financial predicament.
“The answer may be staring us in the face, and it’s worthy of further investigation.”
Your dollars have lost 25% of their purchasing power just in the last three years.
As a researcher, I would investigate current economic trends and projections to estimate the future value of a dollar at the time of my retirement. Additionally, I would determine the cost of basic necessities in that future time frame and calculate how many dollars would be required to cover those expenses.
— Rep. Keith Ammon (@RepKeithAmmon) May 16, 2024
Big Banks, Funds Buying BTC
As a crypto investor, I’ve noticed that Macro Scope brought up Wisconsin’s recent disclosure in a separate post to X. They went on to mention that this development would generate significant attention in both the public and private investment spheres in the upcoming weeks and months.
On May 15, crypto industry observer “Marty Party” commented:
“The Wisconsin Investment Board’s purchase of Bitcoin ETFs should not be dismissed lightly. This action could set off a series of events.”
In a move mirroring filings made by notable financial institutions like JPMorgan Chase and Wells Fago, Wisconsin revealed an investment of approximately $760,000 and $143,000 respectively, into Bitcoin spot Exchange-Traded Funds (ETFs) as disclosed in their SEC filing.
On May 15, it was disclosed that Millennium Management, a prominent global hedge fund, owned approximately $2 billion worth of Bitcoin exchange-traded funds (ETFs).
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2024-05-16 09:37