As a seasoned crypto investor with a keen interest in following institutional adoption of digital assets, I find the recent news of Wisconsin’s investment in BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin Trust truly noteworthy. Having witnessed the volatile yet promising growth of this asset class over the past few years, I believe that such moves by states and institutions significantly validate Bitcoin’s potential as a viable investment option.
In the initial quarter of this year, Wisconsin, a US state, acquired approximately 94,562 units of BlackRock’s iShares Bitcoin Trust (IBIT) based on a recent disclosure. The value of these holdings amounts to nearly $100 million.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin experienced a 1% increase following recent news updates. Currently, its price hovers around $61,957. However, it’s essential to note that there was a decline of 1.7% over the previous 24 hours. This shift occurred due to unexpectedly high inflation data released during U.S. business hours.
As an analyst, I’m keeping a close eye on the upcoming quarterly disclosures due by March 15th. Institutional investment managers with over $100 million in assets under management are required to file these reports. The market is abuzz with anticipation, as we all wait to find out if any prominent Traditional Finance (TradFi) funds have recently invested in Bitcoin ETFs since their launch this year.
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2024-05-14 17:49