Wisconsin Divests Complete $350 Million Stake in Spot Bitcoin ETF

Wisconsin’s Investment Board Dumps Entire $350M Stake in Spot Bitcoin ETF Amid Market Volatility

The State of Wisconsin Investment Board (SWIB), one of the first U.S. state pension funds to back spot bitcoin ETFs, has completely liquidated its $350 million position in BlackRock’s iShares Bitcoin Trust (IBIT) during the first quarter of 2025. The move comes after bitcoin prices dropped roughly 12%, prompting the board to exit its holdings.

At the end of 2024, SWIB owned over 6 million shares of IBIT, a holding that was more than double its 2.9 million shares from earlier that year, signaling a significant bullish bet on bitcoin late last year. However, the most recent 13F filing confirms that the fund has now sold off this entire stake.

Alongside this, SWIB also increased its exposure to bitcoin indirectly by purchasing approximately 26,571 shares of MicroStrategy (MSTR) during Q1, valued at around $10.5 million.

Founded in 1951, SWIB manages assets totaling more than $160 billion, supporting Wisconsin state employees through the Wisconsin Retirement System and other public funds.

In contrast, Abu Dhabi’s Mubadala Investments raised its stake in BlackRock’s IBIT in the first quarter by adding nearly 490,000 shares worth about $29 million, according to recent disclosures.

Bitcoin has since rebounded, climbing 27% since the quarter’s end to hover near $103,750.