Wisconsin Dumps $321M in Bitcoin ETF – Shocking or Senile? 🤔💸

Ah, the illustrious State of Wisconsin Investment Board—an entity so wise, it decided to part ways with a cool $321 million of BlackRock’s Bitcoin ETF shares. One might think, perhaps, that their portfolio was as stable as a house of cards in a hurricane.

Once hailed as pioneers, swathes of funds flowed into the enticing allure of Bitcoin ETFs—those digital castles in the sky—only for the Wisconsonians to suddenly have a change of heart a mere year after their flirtation. The question remains: why bid farewell to such a hefty fortune? Perhaps disappointment at Bitcoin’s refusal to turn into digital gold or simply a desire to diversify their portfolio of questionable investment decisions.

SWIB’s Great Exit

Initially, our brave financial explorers acquired a modest $99.2 million in IBIT shares after the SEC blessed the market in January 2024, not realizing that this was merely the opening act in a theatrical saga of fiscal woe. Alongside this, they purchased $64 million worth of Grayscale’s Bitcoin Trust, securing their spot on the rollercoaster of crypto madness.

Their headline-grabbing enthusiasm led other states, including New Hampshire—who, in a daring move, established a Bitcoin Reserve—to ponder if perhaps they too should jump on the bandwagon. But as the summer wore on, SWIB decided to trim its holdings, selling off its GBTC by the second quarter of 2024, and wildly increasing its IBIT holdings to nearly 2.9 million shares worth a staggering $107 million. Clearly, they thought it wise to flirt with crypto giants like Coinbase, Marathon Digital, Robinhood, and Block Inc., as if the fate of their pension funds depended on it.

Fast forward to the first quarter of 2025, where SWIB still retains a modest $18.8 million in Coinbase shares and a handful of Marathon and Robinhood stocks—probably to remind themselves of what they once loved—and possibly to serve as a cautionary tale to other unsuspecting investors.

The Throne of IBIT

Meanwhile, the mighty Goldman Sachs—ever the thrill-seeker in the world of high-stakes, caffeine-fueled investments—continues its relentless accumulation of IBIT shares. With a staggering 30.8 million shares valued at approximately $1.4 billion, they have crowned themselves the reigning monarch of Bitcoin ETF holdings. One can only imagine the broker meetings where they debate whether to buy or to buy a little more.

All the while, IBIT’s dominance is unchallenged as the largest spot Bitcoin ETF—though it recently paused its 20-day inflow streak, perhaps to contemplate its own existence amid the chaos of financial markets. Over $5 billion flowed into this fund during that streak—enough to make even the most stoic investor chuckle in disbelief.

So here we stand, dear reader, amidst a landscape of financial absurdity, where idle assets are shuffled faster than a deck of cards by a gambler with no luck. Truly, investing in Bitcoin ETFs is the ultimate game of trust, or perhaps, treason. And Wisconsin’s brief flirtation? Merely the latest episode in this grand, theatrical comedy known as the 21st-century economy. 🎭😂

2025-05-16 22:43

SWIB’s Great Exit

The Throne of IBIT

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