Wisconsin is officially the first U.S. state to buy exposure to Bitcoin (BTC-USD), according to a new filing with the U.S. Securities and Exchange Commission (SEC). The State of Wisconsin’s Investment Board purchased 94,562 shares of BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT, valued at $98 million, and $63 million of Grayscale’s Bitcoin ETF (NYSE:GBTC), totaling $161 million.
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Bitcoin ETFs, approved by the SEC this January, allow institutional investors to get in on the crypto action without directly holding Bitcoin. Crypto enthusiasts celebrated the news, speculating that other state pension funds might soon follow Wisconsin’s lead.
“Normally you don’t see these big institutions in the 13Fs for about a year, but these are no ordinary launches,” tweeted Bloomberg ETF analyst Eric Balchunas. “Expect more, as institutions tend to move in herds.”
Institutional Interest Rising
El Salvador set the precedent for state-level Bitcoin investment in 2021 when President Nayib Bukele declared Bitcoin legal tender. El Salvador hold around 5,748 Bitcoins, which are worth around $360 million today. A year ago, they would have been worth about $155 million, showing how much Bitcoin’s value can change.
This move by Wisconsin could be the start of more big institutions investing in crypto. Wisconsin is careful with its money, so its decision to invest in Bitcoin might encourage other cautious investors to do the same.
The State of Wisconsin Investment Board hasn’t said anything about the purchase yet. We’ll let you know if they do.
Is Bitcoin a Buy?
According to TipRanks’ Summary of Technical Indicators, Bitcoin is a Buy.
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