Wisconsin’s Pension Fund Doubles Bitcoin ETF Exposure to $321M, Shifts to IBIT

Table of Contents

The State of Wisconsin Investment Board (SWIB), responsible for managing the state’s pension fund, has significantly increased its Bitcoin ETF (exchange-traded fund) exposure, bringing its total holdings to approximately $321 million, according to a Feb. 14 filing with the U.S. Securities and Exchange Commission (SEC).

Also read: Bitcoin ETF Inflows: Bitwise CIO Forecasts $50B Surge in US

This latest disclosure marks a major increase from $164 million in Bitcoin ETFs reported in May 2024. At that time, Wisconsin’s pension fund held:

2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at $100 million
1 million shares of Grayscale’s Bitcoin Trust (GBTC), valued at $64 million

However, the latest filing reveals a strategic shift—the pension fund has completely divested from GBTC and now holds only IBIT shares.

Pension Funds Increasingly Turning to Bitcoin ETFs

Wisconsin’s growing exposure to Bitcoin ETFs reflects a broader trend among institutional investors, particularly state pension funds, seeking diversification and protection against inflation.

Also read: Grayscale vs BlackRock: Comparing Investment Giants in Asset Management

Although Bitcoin’s volatility has long been a concern, pension funds operate with long-term investment horizons, allowing them to navigate short-term price swings while benefiting from potential long-term price appreciation.

Legal experts suggest that state pension funds may find it easier to allocate capital into Bitcoin ETFs than privately managed funds, which often face stricter fiduciary restrictions under the Employee Retirement Income Security Act (ERISA) of 1974.

More U.S. Pension Funds Exploring Bitcoin Investments

Wisconsin is not alone in adding Bitcoin to its portfolio. Other state pension funds have also disclosed BTC ETF holdings in recent months:

July 2024: The State of Michigan Retirement System revealed a $6.6 million BTC exposure. While relatively small compared to the fund’s total assets under management, the move signaled growing institutional interest in Bitcoin.
October 2024: Florida’s Chief Financial Officer, Jimmy Patronis, urged the Florida State Board of Administration to allocate a portion of its pension assets to Bitcoin.
February 2025: North Carolina House Speaker Destin Hall introduced a bill to allow the state treasury to invest indirectly in digital assets via ETFs.

Bitcoin ETFs: A Gateway for Institutional Investors

Bitcoin ETFs have emerged as an accessible, regulated entry point for institutional investors looking to gain exposure to the cryptocurrency market without dealing with custody or direct ownership of BTC.

Also read: Bitcoin Strategic Reserve Explained

With Wisconsin’s latest move, it is clear that pension funds and other institutional players are increasingly viewing Bitcoin as a viable investment option for portfolio diversification and inflation hedging.

As more U.S. states explore Bitcoin ETF allocations, the trend could pave the way for greater institutional adoption, further legitimizing Bitcoin’s role as a mainstream asset class.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

View all posts